CINXE.COM
The FT View
<!DOCTYPE html><html lang="en-GB" class="no-js core o-typography--loading-sans o-typography--loading-sans-bold o-typography--loading-display o-typography--loading-display-bold" data-o-component="o-typography" style="overflow-x:hidden;background-color:#fff1e5;color:#33302e"><head><meta charSet="utf-8"/><meta http-equiv="X-UA-Compatible" content="IE=edge"/><meta name="viewport" content="width=device-width, initial-scale=1"/><title>The FT View</title><link rel="canonical" href="https://www.ft.com/ft-view"/><meta name="robots" content="index,follow,max-snippet:200,max-image-preview:large"/><meta name="google-site-verification" content="4-t8sFaPvpO5FH_Gnw1dkM28CQepjzo8UjjAkdDflTw"/><script type="application/ld+json">{"@context":"http://schema.org","@type":"WebSite","name":"Financial Times","alternateName":"FT.com","url":"https://www.ft.com/"}</script><meta property="fb:pages" content="8860325749"/><meta property="twitter:site" content="@FinancialTimes"/><meta property="twitter:card" content="summary_large_image"/><meta property="og:title" content="The FT View"/><meta property="og:description"/><meta property="og:image" content="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fwww.ft.com%2F__assets%2Fcreatives%2Fopen-graph%2Fft-v1.jpg?source=next-opengraph&fit=scale-down&width=900"/><meta property="og:url" content="https://www.ft.com/ft-view"/><meta property="og:type" content="website"/><meta name="apple-itunes-app" content="app-id=1200842933, app-argument=https://www.ft.com/ft-view"/><link rel="icon" type="image/svg+xml" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=svg"/><link rel="alternate icon" type="image/png" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=32&height=32" sizes="32x32"/><link rel="alternate icon" type="image/png" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=194&height=194" sizes="194x194"/><link rel="apple-touch-icon" href="https://www.ft.com/__origami/service/image/v2/images/raw/ftlogo-v1%3Abrand-ft-logo-square-coloured?source=update-logos&format=png&width=180&height=180" sizes="180x180"/><link rel="manifest" href="https://www.ft.com/__assets/creatives/manifest/manifest-v6.json"/><link rel="alternate" type="application/rss+xml" href="https://www.ft.com/ft-view?format=rss"/><script> !function(e,n,t,i,o,r){function c(e){if("number"!=typeof e)return e;var n=new Date;return new Date(n.getTime()+1e3*e)}var a=4e3,s="xnpe_async_hide";function p(e){return e.reduce((function(e,n){return e[n]=function(){e._.push([n.toString(),arguments])},e}),{_:[]})}function m(e,n,t){var i=t.createElement(n);i.src=e;var o=t.getElementsByTagName(n)[0];return o.parentNode.insertBefore(i,o),i}function u(e){return"[object Date]"===Object.prototype.toString.call(e)}r.target=r.target,r.file_path=r.file_path||r.target+"/js/exponea.min.js",o[n]=p(["anonymize","initialize","identify","update","track","trackLink","trackEnhancedEcommerce","getHtml","showHtml","showBanner","showWebLayer","ping","getAbTest","loadDependency","getRecommendation","reloadWebLayers"]),o[n].notifications=p(["isAvailable","isSubscribed","subscribe","unsubscribe"]),o[n]["snippetVersion"]="v2.3.0",function(e,n,t){e[n]["_"+t]={},e[n]["_"+t].nowFn=Date.now,e[n]["_"+t].snippetStartTime=e[n]["_"+t].nowFn()}(o,n,"performance"),function(e,n,t,i,o,r){e[o]={sdk:e[i],sdkObjectName:i,skipExperiments:!!t.new_experiments,sign:t.token+"/"+(r.exec(n.cookie)||["","new"])[1],path:t.target}}(o,e,r,n,i,RegExp("__exponea_etc__"+"=([\w-]+)")),function(e,n,t){m(e.file_path,n,t)}(r,t,e),function(e,n,t,i,o,r,p){if(e.new_experiments){!0===e.new_experiments&&(e.new_experiments={});var f,l=e.new_experiments.hide_class||s,_=e.new_experiments.timeout||a,d=encodeURIComponent(r.location.href.split("#")[0]);e.cookies&&e.cookies.expires&&("number"==typeof e.cookies.expires||u(e.cookies.expires)?f=c(e.cookies.expires):e.cookies.expires.tracking&&("number"==typeof e.cookies.expires.tracking||u(e.cookies.expires.tracking))&&(f=c(e.cookies.expires.tracking))),f&&f<new Date&&(f=void 0);var x=e.target+"/webxp/"+n+"/"+r[t].sign+"/modifications.min.js?http-referer="+d+"&timeout="+_+"ms"+(f?"&cookie-expires="+Math.floor(f.getTime()/1e3):"");"sync"===e.new_experiments.mode&&r.localStorage.getItem("__exponea__sync_modifications__")?function(e,n,t,i,o){t[o][n]="<"+n+' src="'+e+'"></'+n+">",i.writeln(t[o][n]),i.writeln("<"+n+">!"+o+".init && document.writeln("+o+"."+n+'.replace("/'+n+'/", "/'+n+'-async/").replace("><", " async><"))</'+n+">")}(x,n,r,p,t):function(e,n,t,i,o,r,c,a){r.documentElement.classList.add(e);var s=m(t,i,r);function p(){o[a].init||m(t.replace("/"+i+"/","/"+i+"-async/"),i,r)}function u(){r.documentElement.classList.remove(e)}s.onload=p,s.onerror=p,o.setTimeout(u,n),o[c]._revealPage=u}(l,_,x,n,r,p,o,t)}}(r,t,i,0,n,o,e),function(e,n,t){e[n].start=function(i){i&&Object.keys(i).forEach((function(e){return t[e]=i[e]})),e[n].initialize(t)}}(o,n,r)}(document,"exponea","script","webxpClient",window,{ target: 'https://bloomreach.ft.com', token: 'd6e5bd4c-9228-11eb-a414-9a67e462410e', }); </script><link rel="preconnect" href="https://spoor-api.ft.com"/><link rel="preconnect" href="https://session-next.ft.com" crossorigin="use-credentials"/><link rel="preconnect" href="https://ads-api.ft.com"/><link rel="preconnect" href="https://securepubads.g.doubleclick.net"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/webpack-runtime.2489976c3d58.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/page-kit-components.070b1f812174.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-myft-ui.214970b042c4.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tracking.982ba992579b.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-syndication.283ec7ebd474.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-header.618c1f5e7d45.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/next-myft-client.a41a3780b718.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/shared.stable.82d89e7739ff.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/next-session-client.19f4ba5f2394.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-viewport.a30feb0c518d.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-notification.96cbe0f55417.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-toggle.9e7c7cefef66.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-overlay.0e54e2513d4a.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-footer.c810cae1ce72.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-utils.f3e0fd0a0e5f.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-grid.7b93e03a650b.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-typography.17b40ddf7225.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-lazy-load.49eda143a1fb.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-o-date.77aca9865762.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/superstore.53b1a034a69c.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/privacy-components.7cb44647b37f.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-tracking.e2be59b89c74.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/preact.e3c1ca203708.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-x-engine.e4a74c83e104.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/js-cookie.58f6a17be326.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/financial-times-n-exponea.2c546653732e.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/937.d40c075d0c45.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://www.ft.com/__assets/hashed/page-kit/scripts.9edceb59fa35.bundle.js" type="application/javascript"/><link rel="preload" as="script" href="https://consent-notice.ft.com/cmp.js" type="application/javascript"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=MetricWeb-Regular&system_code=page-kit&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=MetricWeb-Semibold&system_code=page-kit&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=FinancierDisplayWeb-Regular&system_code=page-kit&version=1.12" type="font/woff2" crossorigin="anonymous"/><link rel="preload" as="font" href="https://www.ft.com/__origami/service/build/v3/font?font_format=woff2&font_name=FinancierDisplayWeb-Bold&system_code=page-kit&version=1.12" type="font/woff2" crossorigin="anonymous"/><script id="initial-props" type="application/json"></script><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/page-kit-layout-styles.63c04a8373b0.css"/><link rel="stylesheet" href="https://www.ft.com/__assets/hashed/page-kit/styles.1d1d3640e3c7.css"/><script type="application/json" id="page-kit-bootstrap-config">{"trackErrors":true,"core":[],"enhanced":["https://www.ft.com/__assets/hashed/page-kit/webpack-runtime.2489976c3d58.bundle.js","https://www.ft.com/__assets/hashed/page-kit/page-kit-components.070b1f812174.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-myft-ui.214970b042c4.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-tracking.982ba992579b.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-syndication.283ec7ebd474.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-header.618c1f5e7d45.bundle.js","https://www.ft.com/__assets/hashed/page-kit/next-myft-client.a41a3780b718.bundle.js","https://www.ft.com/__assets/hashed/page-kit/shared.stable.82d89e7739ff.bundle.js","https://www.ft.com/__assets/hashed/page-kit/next-session-client.19f4ba5f2394.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-viewport.a30feb0c518d.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-notification.96cbe0f55417.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-toggle.9e7c7cefef66.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-overlay.0e54e2513d4a.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-footer.c810cae1ce72.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-utils.f3e0fd0a0e5f.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-grid.7b93e03a650b.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-typography.17b40ddf7225.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-lazy-load.49eda143a1fb.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-o-date.77aca9865762.bundle.js","https://www.ft.com/__assets/hashed/page-kit/superstore.53b1a034a69c.bundle.js","https://www.ft.com/__assets/hashed/page-kit/privacy-components.7cb44647b37f.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-tracking.e2be59b89c74.bundle.js","https://www.ft.com/__assets/hashed/page-kit/preact.e3c1ca203708.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-x-engine.e4a74c83e104.bundle.js","https://www.ft.com/__assets/hashed/page-kit/js-cookie.58f6a17be326.bundle.js","https://www.ft.com/__assets/hashed/page-kit/financial-times-n-exponea.2c546653732e.bundle.js","https://www.ft.com/__assets/hashed/page-kit/937.d40c075d0c45.bundle.js","https://www.ft.com/__assets/hashed/page-kit/scripts.9edceb59fa35.bundle.js","https://consent-notice.ft.com/cmp.js"]}</script><script>;(function () { var doc = document.documentElement var isEnhanced = isEnhancedBrowser() var scriptsConfig = getScriptsConfig() var scriptsToLoad = [] var currentScript = document.scripts[document.scripts.length - 1] doc.className = doc.className.replace('no-js', 'js') if (isEnhanced) { doc.className = doc.className.replace('core', 'enhanced') Array.prototype.push.apply(scriptsToLoad, scriptsConfig.enhanced) } else { Array.prototype.push.apply(scriptsToLoad, scriptsConfig.core) } for (var i = 0, len = scriptsToLoad.length; i < len; i++) { loadScript(scriptsToLoad[i]) } function scriptLoadError(error) { var script = error.target ? error.target.src : null if (script) { console.error('The script ' + script + ' failed to load') // eslint-disable-line no-console } const scriptHost = new URL(script).hostname if (/enhanced/.test(doc.className)) { if (scriptHost === 'www.ft.com') { console.warn('Script loading failed, reverting to core experience') // eslint-disable-line no-console doc.className = doc.className.replace('enhanced', 'core') } else { console.warn('Third-party script, not reverting to core experience') // eslint-disable-line no-console } } if (scriptsConfig.trackErrors) { addErrorTrackingPixel(script) } } function loadScript(src) { var script = document.createElement('script') script.onerror = scriptLoadError script.async = false script.src = src currentScript.parentNode.insertBefore(script, currentScript) } // "Cut the mustard" test // by Maggie Allen and Matt Hinchliffe November 2018 function isEnhancedBrowser() { var script = document.createElement('script') var input = document.createElement('input') return ( 'visibilityState' in document && // not supported by old Android (4.0-4.4) without a prefix 'indeterminate' in input && // not supported by BB 10 'flex' in doc.style && // not supported by old Safari (< 9) or IE 6-10 'async' in script // not supported by old Opera (Presto engine < 15) ) } function getScriptsConfig() { var scriptsConfigEl = document.getElementById('page-kit-bootstrap-config') var scriptsConfig = { core: [], enhanced: [], trackErrors: false } if (scriptsConfigEl) { try { scriptsConfig = JSON.parse(scriptsConfigEl.innerHTML) } catch (error) { console.error('Bootstrap configuration error', error) // eslint-disable-line no-console } } return scriptsConfig } function addErrorTrackingPixel(script) { var img = new Image() var data = JSON.stringify({ category: 'javascript', action: 'load-error', system: { source: 'page-kit' }, context: { script: script } }) img.src = 'https://spoor-api.ft.com/px.gif?data=' + encodeURIComponent(data) } })() </script><script>(function(w,d,s,l){ w[l]=w[l]||[];w[l].push({'gtm.start': new Date().getTime(),event:'gtm.js'}); var f=d.getElementsByTagName(s)[0],j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:''; j.async=true; j.src='https://www.ft.com/page-resources/'+dl; f.parentNode.insertBefore(j,f); })(window,document,'script','dataLayer');</script><script>(function loadCustomFonts() { var rootElement = document.documentElement; if (/(^|\s)o-typography-fonts-loaded=1(;|$)/.test(document.cookie)) { var fontLabels = ['sans', 'sans-bold', 'display', 'display-bold']; for (var i = 0; i < fontLabels.length; i++) { rootElement.className = rootElement.className.replace('o-typography--loading-' + fontLabels[i], ''); } } }());</script></head><body><noscript><iframe src="https://www.googletagmanager.com/ns.html?id=GTM-NWQJW68" height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript><div class="n-layout"><a data-trackable="a11y-skip-to-help" class="n-layout__skip-link" href="https://www.ft.com/accessibility">Accessibility help</a><a data-trackable="a11y-skip-to-navigation" class="n-layout__skip-link" href="#site-navigation">Skip to navigation</a><a data-trackable="a11y-skip-to-content" class="n-layout__skip-link" href="#site-content">Skip to content</a><a data-trackable="a11y-skip-to-footer" class="n-layout__skip-link" href="#site-footer">Skip to footer</a><div class="n-layout__row n-layout__row--header"><div class="n-layout__header-before"><div id="n-exponea-bottom-slot"></div><div class="o-ads o-ads--center o-ads--background o-ads--transition o-ads--reserve-90 above-header-advert" data-o-ads-init="true" data-o-ads-name="leaderboard" data-o-ads-targeting="pos=top" data-o-ads-formats="MediumRectangle" data-o-ads-formats-medium="Leaderboard,FullBleedResponsive,Responsive,OneByOne" data-o-ads-formats-large="SuperLeaderboard,Leaderboard,FullBleedResponsive,Responsive,OneByOne" data-o-ads-formats-extra="Billboard,SuperLeaderboard,Leaderboard,FullBleedResponsive,Responsive,OneByOne"></div></div><header id="site-navigation" class="o-header o-header--simple" data-o-component="o-header" data-o-header--no-js="true" tabindex="-1"><div class="o-header__row o-header__anon" data-trackable="header-anon"><ul class="o-header__anon-list"><li class="o-header__anon-item"><a class="o-header__anon-link" href="/login?location=/ft-view" data-trackable="Sign In">Sign In</a></li><li class="o-header__anon-item"><a class="o-header__anon-link" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe">Subscribe</a></li></ul></div><div class="o-header__row o-header__top" data-trackable="header-top"><div class="o-header__container"><div class="o-header__top-wrapper"><div class="o-header__top-column o-header__top-column--left"><a href="#o-header-drawer" class="o-header__top-icon-link o-header__top-icon-link--menu" aria-controls="o-header-drawer" title="Open side navigation menu" data-trackable="drawer-toggle"><span class="o-header__top-link-label">Open side navigation menu</span></a><a href="#o-header-search-primary" class="o-header__top-icon-link o-header__top-icon-link--search" aria-controls="o-header-search-primary" title="Open search bar" data-trackable="search-toggle"><span class="o-header__top-link-label">Open search bar</span></a></div><div class="o-header__top-column o-header__top-column--center"><a class="o-header__top-logo" style="background-image:none" data-trackable="logo" href="/" title="Go to Financial Times homepage"><svg viewBox="0 0 1054 86"><title>Financial Times</title><path d="M26.177 72.609c0 5.938 1.697 7.295 12.554 7.295v3.732H.9v-3.732c7.464 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.546-7.126-10.01-7.126V1.357h63.448l.34 22.563h-3.054C59.937 6.956 55.696 5.43 39.919 5.43H26.008v33.59h11.196c10.688 0 11.367-1.697 12.215-10.179h3.054v24.599h-3.054c-.848-8.482-1.527-10.01-12.215-10.01H26.008v29.18h.17zm46.314 11.027v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.465 0-10.01.679-10.01 7.126v60.564c0 6.446 2.545 7.125 10.01 7.125v3.732H72.49zm115.36 1.357l-56.323-69.725V72.44c0 6.617 4.58 7.634 12.385 7.634v3.733h-29.858v-3.733c7.803 0 12.045-1.017 12.045-7.634V8.991c-3.563-3.732-6.108-3.902-12.045-3.902V1.357h26.465l43.09 55.475V12.554c0-6.616-4.58-7.634-12.384-7.634V1.357h30.027V5.09c-7.803 0-12.045 1.018-12.045 7.635v72.27h-1.357zm40.207-1.357h-29.689v-3.732c7.804 0 11.367-1.018 13.911-7.804L239.085.509h7.464l28.84 72.1c2.545 6.447 3.732 7.125 9.67 7.125v3.732h-34.438v-3.732c10.518 0 11.536-.848 8.99-7.125l-8.481-21.884h-25.787L217.71 71.93c-2.375 6.447 1.357 7.804 10.518 7.804v3.902h-.17zm-1.188-37.153h22.393l-11.705-29.518-10.688 29.518zm135.548 38.51l-56.153-69.725V72.44c0 6.617 4.58 7.634 12.384 7.634v3.733h-29.18v-3.733c7.126 0 11.367-1.017 11.367-7.634V9.161c-4.071-3.732-7.125-4.072-13.91-4.072V1.357h28.16l43.09 55.475V12.554c0-6.616-4.58-7.634-12.383-7.634V1.357h29.858V5.09c-7.804 0-12.045 1.018-12.045 7.635v72.27h-1.188zm83.297-83.805h2.036l1.187 24.598-3.053.17c-2.036-14.08-9.5-21.545-23.242-21.545-15.268 0-26.804 13.063-26.804 33.081 0 25.617 16.116 40.206 33.08 40.206 7.296 0 13.912-2.035 20.358-8.99l2.376 2.374c-5.26 7.465-15.608 13.742-29.52 13.742-20.696 0-41.732-15.608-41.732-41.734C380.4 17.813 399.57 0 422.813 0c11.027 0 16.795 4.75 19.848 4.75 1.357 0 2.375-1.187 3.054-3.562zm12.723 82.448v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.464 0-10.01.679-10.01 7.126v60.564c0 6.446 2.546 7.125 10.01 7.125v3.732h-35.287zm68.538 0h-27.653v-3.732c6.108 0 9.331-1.018 11.876-7.804L538.003.509h7.464l28.84 72.1c2.545 6.447 3.733 7.125 9.67 7.125v3.732H549.54v-3.732c10.518 0 11.536-.848 8.991-7.125l-8.482-21.884h-25.786l-7.635 21.205c-2.375 6.447 1.358 7.804 10.519 7.804v3.902h-.17zm-1.188-37.153h22.394l-11.536-29.518-10.858 29.518zm63.957 37.153v-3.732c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.117V5.09c-7.464 0-9.84.679-9.84 7.126v61.073c0 5.428 2.715 6.107 7.126 6.107h4.241c15.947 0 21.036-2.375 25.447-20.527l3.054.339-2.545 24.26h-62.6v.17zM760.75 1.357l.339 23.92h-3.054C756.34 7.634 752.098 5.43 736.32 5.43h-5.089v67.18c0 6.447 2.375 7.295 12.554 7.295v3.732h-40.376v-3.732c10.179 0 12.723-1.018 12.723-7.295V5.429h-5.089c-15.777 0-20.018 2.205-21.715 19.848h-3.053l.339-23.92h74.136zm7.973 82.28v-3.733c7.465 0 10.01-.679 10.01-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h35.287V5.09c-7.465 0-10.01.679-10.01 7.126v60.564c0 6.446 2.545 7.125 10.01 7.125v3.732h-35.287zM910.21 1.356V5.09c-7.465 0-10.688.34-10.01 6.956l6.447 61.073c.679 6.277 3.054 6.955 10.518 6.955v3.733h-35.117v-3.733c7.295 0 9.84-.678 9.331-6.955L884.762 8.99l-25.956 76.172h-1.018L832.34 8.822l-6.108 64.126c-.678 6.447 3.733 7.125 11.197 7.125v3.733h-27.483v-3.733c7.465 0 10.01-1.187 10.518-7.125l6.447-61.073c.679-6.446-2.545-6.955-10.01-6.955V1.357h28.84l17.305 56.153 18.661-56.153h28.5zm65.653 52.082h-3.053c-.849-8.482-1.527-10.01-12.215-10.01H948.04v29.859c0 5.428 2.715 6.107 7.125 6.107h6.786c15.947 0 21.036-2.375 25.447-20.527l3.054.339-2.884 24.26h-64.805v-3.733c7.464 0 10.009-.678 10.009-7.125V12.215c0-6.447-2.545-7.126-10.01-7.126V1.357h62.261l.34 20.527h-3.054c-1.866-14.59-5.598-16.286-21.885-16.286H948.21v33.42h12.554c10.687 0 11.366-1.696 12.214-10.178h3.054v24.599h-.17zm65.484 13.232c0-7.464-4.75-11.196-12.893-15.777l-13.063-6.786c-9.84-5.259-15.607-11.027-15.607-21.375C999.783 9.84 1010.81 0 1025.23 0c9.84 0 14.929 4.75 17.813 4.75 1.866 0 2.714-1.187 3.562-3.562h2.375l1.188 23.072-3.054.17c-1.696-11.198-9.67-19.85-20.866-19.85-8.483 0-14.081 5.09-14.081 12.215 0 7.804 5.937 11.027 12.554 14.59l11.196 5.937c10.519 5.768 17.983 11.536 17.983 22.563 0 14.59-12.554 24.939-28.161 24.939-11.028 0-16.456-5.26-19.34-5.26-1.866 0-2.884 1.697-3.732 4.242h-2.376l-1.696-24.43 3.054-.339c2.375 15.268 12.893 21.545 23.411 21.545 8.822-.17 16.286-4.071 16.286-13.91z" fill="#231F20" fill-rule="evenodd"></path></svg></a></div><div class="o-header__top-column o-header__top-column--right"><a class="o-header__top-button o-header__top-button--hide-m" role="button" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe">Subscribe</a><a class="o-header__top-myaccount" id="o-header-top-link-signin" href="/login?location=/ft-view" data-trackable="Sign In"><span>Sign In</span></a></div></div></div></div><div id="o-header-search-primary" class="o-header__row o-header__search o-header__search--primary" data-trackable="header-search" data-o-header-search="true"><div class="o-header__container"><form class="o-header__search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-search-term-primary" class="o-header__search-term o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-search-term-primary" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-search-term-primary"/><button class="o-header__search-submit" type="submit"><span aria-hidden="true" class="o-header__search-icon"></span><span>Search</span></button><button class="o-header__search-close o--if-js" type="button" aria-controls="o-header-search-primary" title="Close search bar" data-trackable="close"><span class="o-header__visually-hidden">Close search bar</span><span>Close</span></button></span></label></form></div></div><nav id="o-header-nav-desktop" class="o-header__row o-header__nav o-header__nav--desktop" role="navigation" aria-label="Primary navigation" data-trackable="header-nav:desktop"><div class="o-header__container"><ul class="o-header__nav-list o-header__nav-list--left" data-trackable="primary-nav"><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/" id="o-header-link-0" data-trackable="Home">Home</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/world" id="o-header-link-1" data-trackable="World">World</a><div class="o-header__mega" id="o-header-mega-1" role="group" aria-labelledby="o-header-link-1" data-o-header-mega="true" data-trackable="meganav | World"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/world" data-trackable="link">World Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/middle-east-war" data-trackable="link">Middle East war</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/global-economy" data-trackable="link">Global Economy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/world-uk" data-trackable="link">UK</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us" data-trackable="link">US</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/china" data-trackable="link">China</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/africa" data-trackable="link">Africa</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/asia-pacific" data-trackable="link">Asia Pacific</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/emerging-markets" data-trackable="link">Emerging Markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/europe" data-trackable="link">Europe</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/war-in-ukraine" data-trackable="link">War in Ukraine</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/americas" data-trackable="link">Americas</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/middle-east-north-africa" data-trackable="link">Middle East & North Africa</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/f91a45e4-5daf-4891-95d8-9771ee3e035d" data-trackable="link">China vows ‘fight to the end’ after Trump threatens extra 50% tariff</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/f313eea9-bd4f-4866-8123-a850938163be" data-trackable="link">Donald Trump’s tariffs will fix a broken system </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/634e7274-4873-4fb7-bd43-9b170f85a955" data-trackable="link">Former Google chief Eric Schmidt buys £42mn London mansion</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/9f5189b0-4857-4b7f-a8c4-5b6d77ece5e3" data-trackable="link">Trump has no idea what he has unleashed</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/56b9c745-22f7-4494-b790-37be4c61f6ae" data-trackable="link">Billionaire financiers lambast Trump tariffs</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/us" id="o-header-link-2" data-trackable="US">US</a><div class="o-header__mega" id="o-header-mega-2" role="group" aria-labelledby="o-header-link-2" data-o-header-mega="true" data-trackable="meganav | US"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us" data-trackable="link">US Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-economy" data-trackable="link">US Economy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-companies" data-trackable="link">US Companies</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/us-politics-policy" data-trackable="link">US Politics & Policy</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/f91a45e4-5daf-4891-95d8-9771ee3e035d" data-trackable="link">China vows ‘fight to the end’ after Trump threatens extra 50% tariff</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/f313eea9-bd4f-4866-8123-a850938163be" data-trackable="link">Donald Trump’s tariffs will fix a broken system </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/9f5189b0-4857-4b7f-a8c4-5b6d77ece5e3" data-trackable="link">Trump has no idea what he has unleashed</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/56b9c745-22f7-4494-b790-37be4c61f6ae" data-trackable="link">Billionaire financiers lambast Trump tariffs</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/849a4845-f05a-41d1-87fb-05b7c130e117" data-trackable="link">Japan secures priority tariff negotiations with Trump</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/companies" id="o-header-link-3" data-trackable="Companies">Companies</a><div class="o-header__mega" id="o-header-mega-3" role="group" aria-labelledby="o-header-link-3" data-o-header-mega="true" data-trackable="meganav | Companies"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/companies" data-trackable="link">Companies Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/energy" data-trackable="link">Energy</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/financials" data-trackable="link">Financials</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/health" data-trackable="link">Health</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/industrials" data-trackable="link">Industrials</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/media" data-trackable="link">Media</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/professional-services" data-trackable="link">Professional Services</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/retail-consumer" data-trackable="link">Retail & Consumer</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/technology-sector" data-trackable="link">Tech Sector</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/telecoms" data-trackable="link">Telecoms</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/transport" data-trackable="link">Transport</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/634e7274-4873-4fb7-bd43-9b170f85a955" data-trackable="link">Former Google chief Eric Schmidt buys £42mn London mansion</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/849a4845-f05a-41d1-87fb-05b7c130e117" data-trackable="link">Japan secures priority tariff negotiations with Trump</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/c2b4129c-d58c-4c9e-9aee-6f2e10c25785" data-trackable="link">Markets could get a lot worse — and quickly</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/07f90b17-6348-40f0-bd45-15e48b82b827" data-trackable="link">Prices for used Teslas drop in US and Britain</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/7aaea62c-f9f4-4f09-b474-f79edba09a94" data-trackable="link">‘A steadying of the market’: how Fox News sees the Trump trade war</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/technology" id="o-header-link-4" data-trackable="Tech">Tech</a><div class="o-header__mega" id="o-header-mega-4" role="group" aria-labelledby="o-header-link-4" data-o-header-mega="true" data-trackable="meganav | Tech"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/technology" data-trackable="link">Tech Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/artificial-intelligence" data-trackable="link">Artificial intelligence</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/semiconductors" data-trackable="link">Semiconductors</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/cyber-security" data-trackable="link">Cyber Security</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/social-media" data-trackable="link">Social Media</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/316d582f-6d7a-4432-a702-be3de4a70c7d" data-trackable="link">Can Nintendo’s Switch 2 revive a stagnant gaming industry?</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/2f65bc21-c99e-4c0d-bdba-51eba8ec7ef3" data-trackable="link">UK government attempt to keep Apple challenge private rejected </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/673502fb-42dd-4120-8f52-2034dd593936" data-trackable="link">Samsung boosts profits as customers stockpile chips ahead of US tariffs</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/fec4d619-301e-41af-ab2a-0d47b32de781" data-trackable="link">XTX earnings surge on last year’s market rally</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/40b786d2-45b9-4ec3-8721-30341af5ce01" data-trackable="link">New Mountain buys stake in healthcare software provider Office Ally</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/markets" id="o-header-link-5" data-trackable="Markets">Markets</a><div class="o-header__mega" id="o-header-mega-5" role="group" aria-labelledby="o-header-link-5" data-o-header-mega="true" data-trackable="meganav | Markets"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/markets" data-trackable="link">Markets Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/alphaville" data-trackable="link">Alphaville</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://markets.ft.com/data" data-trackable="link">Markets Data</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/crypto" data-trackable="link">Crypto</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/capital-markets" data-trackable="link">Capital Markets</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/commodities" data-trackable="link">Commodities</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/currencies" data-trackable="link">Currencies</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/equities" data-trackable="link">Equities</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://professional-monetary-policy-radar.ft.com/" data-trackable="link">Monetary Policy Radar</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-wealth-management" data-trackable="link">Wealth Management</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/moral-money" data-trackable="link">Moral Money</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/etf-hub" data-trackable="link">ETF Hub</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/fund-management" data-trackable="link">Fund Management</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-trading-room" data-trackable="link">Trading</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/f91a45e4-5daf-4891-95d8-9771ee3e035d" data-trackable="link">China vows ‘fight to the end’ after Trump threatens extra 50% tariff</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/e21f97b1-cd31-4eb3-b016-2c4c8336946e" data-trackable="link">When to buy the dip</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/849a4845-f05a-41d1-87fb-05b7c130e117" data-trackable="link">Japan secures priority tariff negotiations with Trump</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/c2b4129c-d58c-4c9e-9aee-6f2e10c25785" data-trackable="link">Markets could get a lot worse — and quickly</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/901a7a75-2f68-4abd-9ec2-246a3d9b3105" data-trackable="link">Did an anonymous X account send markets reeling today?</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/climate-capital" id="o-header-link-6" data-trackable="Climate">Climate</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/opinion" id="o-header-link-7" data-trackable="Opinion">Opinion</a><div class="o-header__mega" id="o-header-mega-7" role="group" aria-labelledby="o-header-link-7" data-o-header-mega="true" data-trackable="meganav | Opinion"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/opinion" data-trackable="link">Opinion Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/columnists" data-trackable="link">Columnists</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/ft-view" aria-label="The FT View, current page" aria-current="page" data-trackable="link">The FT View</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/the-big-read" data-trackable="link">The Big Read</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/lex" data-trackable="link">Lex</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/obituaries" data-trackable="link">Obituaries</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/letters" data-trackable="link">Letters</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/f313eea9-bd4f-4866-8123-a850938163be" data-trackable="link">Donald Trump’s tariffs will fix a broken system </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/9f5189b0-4857-4b7f-a8c4-5b6d77ece5e3" data-trackable="link">Trump has no idea what he has unleashed</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/e21f97b1-cd31-4eb3-b016-2c4c8336946e" data-trackable="link">When to buy the dip</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/91879b7b-c492-4329-a412-ab597ca96b04" data-trackable="link">The hopeful tariff endgame isn’t so hopeful</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/c2b4129c-d58c-4c9e-9aee-6f2e10c25785" data-trackable="link">Markets could get a lot worse — and quickly</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/lex" id="o-header-link-8" data-trackable="Lex">Lex</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/work-careers" id="o-header-link-9" data-trackable="Work & Careers">Work & Careers</a><div class="o-header__mega" id="o-header-mega-9" role="group" aria-labelledby="o-header-link-9" data-o-header-mega="true" data-trackable="meganav | Work & Careers"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/work-careers" data-trackable="link">Work & Careers Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://rankings.ft.com/business-education" data-trackable="link">Business School Rankings</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-education" data-trackable="link">Business Education</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="link">Europe's Start-Up Hubs</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/entrepreneurship" data-trackable="link">Entrepreneurship</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/recruitment" data-trackable="link">Recruitment</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-books" data-trackable="link">Business Books</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/business-travel" data-trackable="link">Business Travel</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/working-it" data-trackable="link">Working It</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/11cfc58a-a223-47db-bc68-42c8ba4a8b74" data-trackable="link">Universities should not be greedy with technology spin-offs</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/3f2f0de2-b6a8-4a80-abf1-76f053b30d70" data-trackable="link">ExxonMobil chief’s pay boosted by 19% to $44.1mn</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/6bab180c-f76c-40a3-b04c-c93008591cc9" data-trackable="link">Virgin Atlantic’s Shai Weiss: ‘In aviation, you need to be paranoid’</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/cbaae544-f9a5-42e1-90ce-11b5c7754308" data-trackable="link">In the ethical arms industry we don’t sell weapons, we sell freedom</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/d715e7e3-882b-4d53-8413-e66bd89ac120" data-trackable="link">FTSE 100 companies push to boost executive pay and fast-track reviews</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/life-arts" id="o-header-link-10" data-trackable="Life & Arts">Life & Arts</a><div class="o-header__mega" id="o-header-mega-10" role="group" aria-labelledby="o-header-link-10" data-o-header-mega="true" data-trackable="meganav | Life & Arts"><div class="o-header__container"><div class="o-header__mega-wrapper"><div class="o-header__mega-column o-header__mega-column--subsections" data-trackable="sections"><div class="o-header__mega-heading">Sections</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/life-arts" data-trackable="link">Life & Arts Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/arts" data-trackable="link">Arts</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/books" data-trackable="link">Books</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/food-drink" data-trackable="link">Food & Drink</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/magazine" data-trackable="link">FT Magazine</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/house-home" data-trackable="link">House & Home</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/style" data-trackable="link">Style</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/puzzles-games" data-trackable="link">Puzzles</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/travel" data-trackable="link">Travel</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/globetrotter" data-trackable="link">FT Globetrotter</a></li></ul></div></div><div class="o-header__mega-column o-header__mega-column--articles" data-trackable="popular"><div class="o-header__mega-heading">Most Read</div><div class="o-header__mega-content"><ul class="o-header__mega-list"><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/634e7274-4873-4fb7-bd43-9b170f85a955" data-trackable="link">Former Google chief Eric Schmidt buys £42mn London mansion</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/7aed2567-4d9c-4444-8b5f-3f5b717ef2eb" data-trackable="link">Proof that postcode snobbery is real— as if we needed it </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/44a6ed2a-5611-44a2-b479-8b702ed71cf6" data-trackable="link">Protecting ‘Australianess’ in the Netflix age </a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/07e5f7e0-47d8-4eae-b5f3-1d4e96327b39" data-trackable="link">Hot property: five thatched homes for sale</a></li><li class="o-header__mega-item"><a class="o-header__mega-link" href="/content/3c1d1afa-9822-4d16-b1c2-1ea50824383d" data-trackable="link">George Clooney offers a warning from the past in Good Night, and Good Luck</a></li></ul></div></div></div></div></div></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/htsi" id="o-header-link-11" data-trackable="HTSI">HTSI</a></li></ul></div></nav><div class="o-header__subnav" role="navigation" aria-label="Sub navigation" data-o-header-subnav="true" data-trackable="header-subnav"><div class="o-header__container"><div class="o-header__subnav-wrap-outside"><div class="o-header__subnav-wrap-inside" data-o-header-subnav-wrapper="true"><div class="o-header__subnav-content"><ol class="o-header__subnav-list o-header__subnav-list--breadcrumb" aria-label="Breadcrumb" data-trackable="breadcrumb"><li class="o-header__subnav-item"><a class="o-header__subnav-link " href="/opinion" data-trackable="Opinion">Opinion</a></li><li class="o-header__subnav-item"><a class="o-header__subnav-link o-header__subnav-link--highlight" href="/ft-view" aria-label="The FT View, current page" aria-current="page" data-trackable="The FT View">The FT View</a></li></ol></div></div><button class="o-header__subnav-button o-header__subnav-button--left" title="scroll left" aria-label="scroll left" aria-hidden="true" disabled=""></button><button class="o-header__subnav-button o-header__subnav-button--right" title="scroll right" aria-label="scroll right" aria-hidden="true" disabled=""></button></div></div></div></header><header class="o-header o-header--simple o-header--sticky o--if-js" data-o-component="o-header" data-o-header--sticky="true" aria-hidden="true"><div class="o-header__row o-header__top" data-trackable="header-sticky"><div class="o-header__container"><div class="o-header__top-wrapper"><div class="o-header__top-column o-header__top-column--left"><a href="#" class="o-header__top-icon-link o-header__top-icon-link--menu" aria-controls="o-header-drawer" data-trackable="drawer-toggle" tabindex="-1"><span class="o-header__top-link-label">Menu</span></a><a href="#" class="o-header__top-icon-link o-header__top-icon-link--search" aria-controls="o-header-search-sticky" data-trackable="search-toggle" tabindex="-1"><span class="o-header__top-link-label">Search</span></a></div><div class="o-header__top-column o-header__top-column--center"><div class="o-header__top-takeover"><div class="o-header__nav"><ul class="o-header__nav-list o-header__nav-list--left" data-trackable="primary-nav"><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/" data-trackable="Home" tabindex="-1">Home</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/world" data-trackable="World" tabindex="-1">World</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/us" data-trackable="US" tabindex="-1">US</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/companies" data-trackable="Companies" tabindex="-1">Companies</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/technology" data-trackable="Tech" tabindex="-1">Tech</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/markets" data-trackable="Markets" tabindex="-1">Markets</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/climate-capital" data-trackable="Climate" tabindex="-1">Climate</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/opinion" data-trackable="Opinion" tabindex="-1">Opinion</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/lex" data-trackable="Lex" tabindex="-1">Lex</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/work-careers" data-trackable="Work & Careers" tabindex="-1">Work & Careers</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/life-arts" data-trackable="Life & Arts" tabindex="-1">Life & Arts</a></li><li class="o-header__nav-item"><a class="o-header__nav-link o-header__nav-link--primary" href="/htsi" data-trackable="HTSI" tabindex="-1">HTSI</a></li></ul></div></div><a class="o-header__top-logo o-header__hide--L" data-trackable="logo" href="/" title="Go to Financial Times homepage" tabindex="-1"><span class="o-header__visually-hidden">Financial Times</span></a></div><div class="o-header__top-column o-header__top-column--right"><a class="o-header__top-button o-header__top-button--hide-m" role="button" href="/products?segmentId=f860e6c2-18af-ab30-cd5e-6e3a456f9265" data-trackable="Subscribe" tabindex="-1">Subscribe</a><a class="o-header__top-myaccount" id="o-header-top-link-signin" href="/login?location=/ft-view" data-trackable="Sign In"><span>Sign In</span></a></div></div></div></div><div id="o-header-search-sticky" class="o-header__row o-header__search o-header__search--sticky" data-trackable="header-search" data-o-header-search="true"><div class="o-header__container"><form class="o-header__search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-search-term-sticky" class="o-header__search-term o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-search-term-sticky" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-search-term-sticky"/><button class="o-header__search-submit" type="submit"><span aria-hidden="true" class="o-header__search-icon"></span><span>Search</span></button><button class="o-header__search-close o--if-js" type="button" aria-controls="o-header-search-sticky" title="Close search bar" data-trackable="close"><span class="o-header__visually-hidden">Close search bar</span><span>Close</span></button></span></label></form></div></div></header></div><div class="n-layout__row n-layout__row--content"><div><div class="o-ads advert--mini-billboard" data-o-ads-name="miniBillboard" data-o-ads-targeting="pos=top" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="FullBleedResponsive,OneByOne" data-o-ads-formats-medium="OneByOne" data-o-ads-formats-large=false data-o-ads-formats-extra=false aria-hidden="true"> </div> <script type="application/json" id="stream-page-meta"> {"pageAttributes":{"hasMostRead":true,"isPage":1,"hasSubHeader":"brand"}} </script> <div id="n-exponea-top-slot"></div> <div role="navigation" aria-label="category navigation" class="sub-header sub-header--brand" data-trackable="sub-header" > <div class="o-grid-container"> <div class="o-grid-row"> <div class="sub-header__section sub-header__section--title sub-header__section--has-img sub-header__section--has-strapline" data-o-grid-colspan="12 M8 XL9" > <h1 class="sub-header__page-title"> The FT View </h1> <form class="n-myft-ui n-myft-ui--follow " method="GET" data-myft-ui="follow" data-concept-id="0dd94bc1-6873-44d5-9ca4-7d4be69acb3c" action="/myft/add/0dd94bc1-6873-44d5-9ca4-7d4be69acb3c" data-js-action="/__myft/api/core/followed/concept/0dd94bc1-6873-44d5-9ca4-7d4be69acb3c?method=put" > <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Now following The FT View." data-unpressed-text="No longer following The FT View." ></div> <button aria-pressed="false" aria-label="Add to myFT: The FT View" title="Add The FT View to myFT" data-alternate-label="Added The FT View to myFT: click to remove" data-alternate-text="Added" class=" n-myft-follow-button" data-concept-id="0dd94bc1-6873-44d5-9ca4-7d4be69acb3c" data-trackable="follow" type="submit">Add to myFT</button> </form> <div class="sub-header__image-wrapper--brand"> <img alt="" aria-role="presentation" class="sub-header__image--brand" src=https://www.ft.com/__origami/service/image/v2/images/raw/http%3A%2F%2Fim.ft-static.com%2Fcontent%2Fimages%2F6d0da21e-1490-11e7-80f4-13e067d5072c.png?source=next-stream-page&width=150&height=150&quality=highest> </div> <h2 class="sub-header__strapline"> Financial Times editorials </h2> <div class="sub-header__description">“Without fear and without favour”: Since 1888, this newspaper has argued for free markets, free trade, and liberal democracy. These commitments are renewed daily by the editorial board, which offers opinion and analysis on behalf of the FT.</div> </div> </div> </div> </div> <div role="main" id="site-content" data-concept-id="0dd94bc1-6873-44d5-9ca4-7d4be69acb3c"> <div class="o-grid-container"> <div class="o-grid-row"> <div class="js-track-scroll-event" id="stream" data-o-grid-colspan="12 L8" > <div data-trackable="stream" class="o-teaser-collection o-teaser-collection--stream"> <ul class="o-teaser-collection__list js-stream-list" data-stream-list aria-busy="false"> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-07T16:53:21.569Z">Monday, 7 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="ac8ab2d9-7b78-4e9e-ba6c-97477e0c88ba" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="ac8ab2d9-7b78-4e9e-ba6c-97477e0c88ba"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/ac8ab2d9-7b78-4e9e-ba6c-97477e0c88ba" data-trackable="heading-link" class="js-teaser-heading-link">A market rout made in the White House</a></div><p class="o-teaser__standfirst"><a href="/content/ac8ab2d9-7b78-4e9e-ba6c-97477e0c88ba" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Those with the president’s ear must urge him to change course on tariffs</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="ac8ab2d9-7b78-4e9e-ba6c-97477e0c88ba" data-myft-ui="saved" action="/myft/save/ac8ab2d9-7b78-4e9e-ba6c-97477e0c88ba" data-js-action="/__myft/api/core/saved/content/ac8ab2d9-7b78-4e9e-ba6c-97477e0c88ba?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save A market rout made in the White House to myFT for later" aria-label="Save A market rout made in the White House to myFT for later" data-alternate-label="A market rout made in the White House is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="ac8ab2d9-7b78-4e9e-ba6c-97477e0c88ba" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/ac8ab2d9-7b78-4e9e-ba6c-97477e0c88ba" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2319%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fcd6dbfaa-e741-43e5-b20f-75b59a2ae969.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Traders work on the floor of the New York Stock Exchange"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-06T10:00:34.057Z">Sunday, 6 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="7ec9304f-1c67-4a41-90f6-4496512c236b" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="7ec9304f-1c67-4a41-90f6-4496512c236b"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/7ec9304f-1c67-4a41-90f6-4496512c236b" data-trackable="heading-link" class="js-teaser-heading-link">A dark hour for American science</a></div><p class="o-teaser__standfirst"><a href="/content/7ec9304f-1c67-4a41-90f6-4496512c236b" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Other countries have a chance to attract US talent driven out by Trump’s policies</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="7ec9304f-1c67-4a41-90f6-4496512c236b" data-myft-ui="saved" action="/myft/save/7ec9304f-1c67-4a41-90f6-4496512c236b" data-js-action="/__myft/api/core/saved/content/7ec9304f-1c67-4a41-90f6-4496512c236b?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save A dark hour for American science to myFT for later" aria-label="Save A dark hour for American science to myFT for later" data-alternate-label="A dark hour for American science is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="7ec9304f-1c67-4a41-90f6-4496512c236b" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/7ec9304f-1c67-4a41-90f6-4496512c236b" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fcdd353ea-a772-4092-a65a-8a85c71358ec.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Employees work in a lab focused on cancer vaccine research at the Moderna headquarters in Cambridge"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-04T16:26:04.531Z">Friday, 4 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="451f1f3d-2f09-4714-a43a-608718799455" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="451f1f3d-2f09-4714-a43a-608718799455"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/451f1f3d-2f09-4714-a43a-608718799455" data-trackable="heading-link" class="js-teaser-heading-link">Trump’s destruction of global alliances </a></div><p class="o-teaser__standfirst"><a href="/content/451f1f3d-2f09-4714-a43a-608718799455" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">America’s tariff onslaught will drive upheaval well beyond trade</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="451f1f3d-2f09-4714-a43a-608718799455" data-myft-ui="saved" action="/myft/save/451f1f3d-2f09-4714-a43a-608718799455" data-js-action="/__myft/api/core/saved/content/451f1f3d-2f09-4714-a43a-608718799455?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Trump’s destruction of global alliances to myFT for later" aria-label="Save Trump’s destruction of global alliances to myFT for later" data-alternate-label="Trump’s destruction of global alliances is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="451f1f3d-2f09-4714-a43a-608718799455" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/451f1f3d-2f09-4714-a43a-608718799455" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2529%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F15a5f3c9-2fbf-46f5-8e87-42d888989a49.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="President Donald Trump speaks during an event to announce new tariffs"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-03T16:36:52.190Z">Thursday, 3 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="21454c08-8e1c-4335-84f9-ef2d0e1aeb14" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="21454c08-8e1c-4335-84f9-ef2d0e1aeb14"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/21454c08-8e1c-4335-84f9-ef2d0e1aeb14" data-trackable="heading-link" class="js-teaser-heading-link">America’s astonishing act of self-harm</a></div><p class="o-teaser__standfirst"><a href="/content/21454c08-8e1c-4335-84f9-ef2d0e1aeb14" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Trump’s tariffs will upend the global economic order and tarnish US prosperity</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="21454c08-8e1c-4335-84f9-ef2d0e1aeb14" data-myft-ui="saved" action="/myft/save/21454c08-8e1c-4335-84f9-ef2d0e1aeb14" data-js-action="/__myft/api/core/saved/content/21454c08-8e1c-4335-84f9-ef2d0e1aeb14?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save America’s astonishing act of self-harm to myFT for later" aria-label="Save America’s astonishing act of self-harm to myFT for later" data-alternate-label="America’s astonishing act of self-harm is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="21454c08-8e1c-4335-84f9-ef2d0e1aeb14" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/21454c08-8e1c-4335-84f9-ef2d0e1aeb14" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F5475ed64-42d7-4631-a010-788582a241d8.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="US President Donald Trump displays a signed executive order from a desk in the Rose Garden"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-02T14:29:47.487Z">Wednesday, 2 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="f2ef0740-6420-400f-8a78-abc02936aaa9" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="f2ef0740-6420-400f-8a78-abc02936aaa9"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/f2ef0740-6420-400f-8a78-abc02936aaa9" data-trackable="heading-link" class="js-teaser-heading-link">Faulty data leaves Britain in the dark </a></div><p class="o-teaser__standfirst"><a href="/content/f2ef0740-6420-400f-8a78-abc02936aaa9" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The quality of ONS governance and critical statistics needs fixing</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="f2ef0740-6420-400f-8a78-abc02936aaa9" data-myft-ui="saved" action="/myft/save/f2ef0740-6420-400f-8a78-abc02936aaa9" data-js-action="/__myft/api/core/saved/content/f2ef0740-6420-400f-8a78-abc02936aaa9?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Faulty data leaves Britain in the dark to myFT for later" aria-label="Save Faulty data leaves Britain in the dark to myFT for later" data-alternate-label="Faulty data leaves Britain in the dark is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="f2ef0740-6420-400f-8a78-abc02936aaa9" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/f2ef0740-6420-400f-8a78-abc02936aaa9" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2183%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F2bead17e-5647-4858-a9a3-234f25e90865.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Commuters walk across London Bridge"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-ads o-ads advert advert--instream" data-o-ads-targeting="pos=top;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-04-01T16:47:09.642Z">Tuesday, 1 April, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="a7a864c9-b9b2-45f3-832b-eb57cc9ad25a" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="a7a864c9-b9b2-45f3-832b-eb57cc9ad25a"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/a7a864c9-b9b2-45f3-832b-eb57cc9ad25a" data-trackable="heading-link" class="js-teaser-heading-link">The multiple tragedies of Myanmar</a></div><p class="o-teaser__standfirst"><a href="/content/a7a864c9-b9b2-45f3-832b-eb57cc9ad25a" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Years of conflict and repressive military rule will hamper earthquake relief</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="a7a864c9-b9b2-45f3-832b-eb57cc9ad25a" data-myft-ui="saved" action="/myft/save/a7a864c9-b9b2-45f3-832b-eb57cc9ad25a" data-js-action="/__myft/api/core/saved/content/a7a864c9-b9b2-45f3-832b-eb57cc9ad25a?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The multiple tragedies of Myanmar to myFT for later" aria-label="Save The multiple tragedies of Myanmar to myFT for later" data-alternate-label="The multiple tragedies of Myanmar is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="a7a864c9-b9b2-45f3-832b-eb57cc9ad25a" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/a7a864c9-b9b2-45f3-832b-eb57cc9ad25a" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2287%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F6ddde78b-d472-4045-b78e-cb94c1809d2a.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="People drive on a motorbike past a collapsed building in Mandalay"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-31T17:59:08.122Z">Monday, 31 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="2c92f862-0e01-4cab-89a1-f1ebe34bdb24" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="2c92f862-0e01-4cab-89a1-f1ebe34bdb24"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/2c92f862-0e01-4cab-89a1-f1ebe34bdb24" data-trackable="heading-link" class="js-teaser-heading-link">A bombshell judgment on Marine Le Pen</a></div><p class="o-teaser__standfirst"><a href="/content/2c92f862-0e01-4cab-89a1-f1ebe34bdb24" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Banning the far-right leader from standing for office will inflame French politics</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="2c92f862-0e01-4cab-89a1-f1ebe34bdb24" data-myft-ui="saved" action="/myft/save/2c92f862-0e01-4cab-89a1-f1ebe34bdb24" data-js-action="/__myft/api/core/saved/content/2c92f862-0e01-4cab-89a1-f1ebe34bdb24?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save A bombshell judgment on Marine Le Pen to myFT for later" aria-label="Save A bombshell judgment on Marine Le Pen to myFT for later" data-alternate-label="A bombshell judgment on Marine Le Pen is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="2c92f862-0e01-4cab-89a1-f1ebe34bdb24" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/2c92f862-0e01-4cab-89a1-f1ebe34bdb24" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2328%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F46ddee13-43a6-48a7-b04a-6ec37f318e3f.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Marine Le Pen"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-30T10:00:12.324Z">Sunday, 30 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="a17bab3c-4fe5-4f56-9a00-38f85f7e6a2a" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="a17bab3c-4fe5-4f56-9a00-38f85f7e6a2a"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/a17bab3c-4fe5-4f56-9a00-38f85f7e6a2a" data-trackable="heading-link" class="js-teaser-heading-link">The use and abuse of investment bank bonuses</a></div><p class="o-teaser__standfirst"><a href="/content/a17bab3c-4fe5-4f56-9a00-38f85f7e6a2a" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">HSBC’s sacking of bankers without a payout is part of a wider reset of incentives</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="a17bab3c-4fe5-4f56-9a00-38f85f7e6a2a" data-myft-ui="saved" action="/myft/save/a17bab3c-4fe5-4f56-9a00-38f85f7e6a2a" data-js-action="/__myft/api/core/saved/content/a17bab3c-4fe5-4f56-9a00-38f85f7e6a2a?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The use and abuse of investment bank bonuses to myFT for later" aria-label="Save The use and abuse of investment bank bonuses to myFT for later" data-alternate-label="The use and abuse of investment bank bonuses is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="a17bab3c-4fe5-4f56-9a00-38f85f7e6a2a" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/a17bab3c-4fe5-4f56-9a00-38f85f7e6a2a" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2773%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F32cb0a67-e161-4cc0-bee3-50c03480a9f2.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="The HSBC headquarters in London"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-28T18:01:52.844Z">Friday, 28 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="e39a9ab2-7abf-43b6-b47f-c682ab083813" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="e39a9ab2-7abf-43b6-b47f-c682ab083813"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/e39a9ab2-7abf-43b6-b47f-c682ab083813" data-trackable="heading-link" class="js-teaser-heading-link">The perils of capitulating to Donald Trump</a></div><p class="o-teaser__standfirst"><a href="/content/e39a9ab2-7abf-43b6-b47f-c682ab083813" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">This week has brought cave-ins to the White House but also signs of a fightback</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="e39a9ab2-7abf-43b6-b47f-c682ab083813" data-myft-ui="saved" action="/myft/save/e39a9ab2-7abf-43b6-b47f-c682ab083813" data-js-action="/__myft/api/core/saved/content/e39a9ab2-7abf-43b6-b47f-c682ab083813?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The perils of capitulating to Donald Trump to myFT for later" aria-label="Save The perils of capitulating to Donald Trump to myFT for later" data-alternate-label="The perils of capitulating to Donald Trump is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="e39a9ab2-7abf-43b6-b47f-c682ab083813" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/e39a9ab2-7abf-43b6-b47f-c682ab083813" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2864%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F998dd62c-d8d3-4a06-81e6-c6eaf9048b1f.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="US President Donald Trump"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-teaser o-teaser--native-ad o-teaser--small o-teaser--stream-card" data-o-ads-name="PartnerContent--horizontal" data-o-ads-targeting="pos=native;format=horizontal" data-o-ads-formats="PartnerContent" data-o-ads-component="slot" ></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-27T18:51:39.439Z">Thursday, 27 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="dab74f65-af56-49a8-ba71-8c7e70b2b228" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="dab74f65-af56-49a8-ba71-8c7e70b2b228"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/dab74f65-af56-49a8-ba71-8c7e70b2b228" data-trackable="heading-link" class="js-teaser-heading-link">US car tariffs help Chinese EVs to race ahead</a></div><p class="o-teaser__standfirst"><a href="/content/dab74f65-af56-49a8-ba71-8c7e70b2b228" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">BYD’s technological advances show where the centre of innovation now lies</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="dab74f65-af56-49a8-ba71-8c7e70b2b228" data-myft-ui="saved" action="/myft/save/dab74f65-af56-49a8-ba71-8c7e70b2b228" data-js-action="/__myft/api/core/saved/content/dab74f65-af56-49a8-ba71-8c7e70b2b228?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save US car tariffs help Chinese EVs to race ahead to myFT for later" aria-label="Save US car tariffs help Chinese EVs to race ahead to myFT for later" data-alternate-label="US car tariffs help Chinese EVs to race ahead is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="dab74f65-af56-49a8-ba71-8c7e70b2b228" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/dab74f65-af56-49a8-ba71-8c7e70b2b228" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2391%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F64c55d2d-3f22-4286-9b03-2ec3b00723fd.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="BYD logo"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-26T18:20:25.201Z">Wednesday, 26 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="d9d2f261-db46-4ff9-af35-93c44bcb89b3" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="d9d2f261-db46-4ff9-af35-93c44bcb89b3"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/d9d2f261-db46-4ff9-af35-93c44bcb89b3" data-trackable="heading-link" class="js-teaser-heading-link">The UK chancellor’s fiscal holding operation</a></div><p class="o-teaser__standfirst"><a href="/content/d9d2f261-db46-4ff9-af35-93c44bcb89b3" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The government needs to make bold choices ahead of the autumn Budget</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="d9d2f261-db46-4ff9-af35-93c44bcb89b3" data-myft-ui="saved" action="/myft/save/d9d2f261-db46-4ff9-af35-93c44bcb89b3" data-js-action="/__myft/api/core/saved/content/d9d2f261-db46-4ff9-af35-93c44bcb89b3?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The UK chancellor’s fiscal holding operation to myFT for later" aria-label="Save The UK chancellor’s fiscal holding operation to myFT for later" data-alternate-label="The UK chancellor’s fiscal holding operation is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="d9d2f261-db46-4ff9-af35-93c44bcb89b3" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/d9d2f261-db46-4ff9-af35-93c44bcb89b3" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2559%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F9fba15ab-4154-43c6-b8a8-c57eab94afc2.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Chancellor Rachel Reeves leaves No 11 Downing Street to deliver her Spring Statement."/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-ads o-ads advert advert--instream" data-o-ads-targeting="pos=mid;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-25T19:00:23.305Z">Tuesday, 25 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="7d06370a-4b93-4184-85f0-60532919d7d4" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="7d06370a-4b93-4184-85f0-60532919d7d4"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/7d06370a-4b93-4184-85f0-60532919d7d4" data-trackable="heading-link" class="js-teaser-heading-link">The amateurism of the Trump White House</a></div><p class="o-teaser__standfirst"><a href="/content/7d06370a-4b93-4184-85f0-60532919d7d4" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">‘Signalgate’ will send shockwaves through the US security apparatus and foreign allies</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="7d06370a-4b93-4184-85f0-60532919d7d4" data-myft-ui="saved" action="/myft/save/7d06370a-4b93-4184-85f0-60532919d7d4" data-js-action="/__myft/api/core/saved/content/7d06370a-4b93-4184-85f0-60532919d7d4?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The amateurism of the Trump White House to myFT for later" aria-label="Save The amateurism of the Trump White House to myFT for later" data-alternate-label="The amateurism of the Trump White House is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="7d06370a-4b93-4184-85f0-60532919d7d4" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/7d06370a-4b93-4184-85f0-60532919d7d4" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2071%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F925b8fdc-0680-4a2a-b646-8965e6bc55ac.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="US President Donald Trump in the Oval Office with vice-president JD Vance, defence secretary Pete Hegseth and national security adviser Mike Waltz"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-24T18:32:01.149Z">Monday, 24 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="e0528203-1929-4a90-9acc-f57e4ca578bc" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="e0528203-1929-4a90-9acc-f57e4ca578bc"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/e0528203-1929-4a90-9acc-f57e4ca578bc" data-trackable="heading-link" class="js-teaser-heading-link">Trump’s flawed plan to bring business to America</a></div><p class="o-teaser__standfirst"><a href="/content/e0528203-1929-4a90-9acc-f57e4ca578bc" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The threat of tariffs will not spark a manufacturing renaissance </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="e0528203-1929-4a90-9acc-f57e4ca578bc" data-myft-ui="saved" action="/myft/save/e0528203-1929-4a90-9acc-f57e4ca578bc" data-js-action="/__myft/api/core/saved/content/e0528203-1929-4a90-9acc-f57e4ca578bc?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Trump’s flawed plan to bring business to America to myFT for later" aria-label="Save Trump’s flawed plan to bring business to America to myFT for later" data-alternate-label="Trump’s flawed plan to bring business to America is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="e0528203-1929-4a90-9acc-f57e4ca578bc" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/e0528203-1929-4a90-9acc-f57e4ca578bc" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2352%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F75ec5aca-3c16-48fe-b768-01e224c553db.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Jensen Huang stands in front of a depiction of the Nvidia Santa Clara HQ"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-23T13:00:53.926Z">Sunday, 23 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="0fbc6390-2977-4943-bae9-309db0d3550f" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="0fbc6390-2977-4943-bae9-309db0d3550f"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/0fbc6390-2977-4943-bae9-309db0d3550f" data-trackable="heading-link" class="js-teaser-heading-link">Britain’s unwanted fiscal fix</a></div><p class="o-teaser__standfirst"><a href="/content/0fbc6390-2977-4943-bae9-309db0d3550f" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The chancellor’s Spring Statement must draw lessons from October’s flawed Budget</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="0fbc6390-2977-4943-bae9-309db0d3550f" data-myft-ui="saved" action="/myft/save/0fbc6390-2977-4943-bae9-309db0d3550f" data-js-action="/__myft/api/core/saved/content/0fbc6390-2977-4943-bae9-309db0d3550f?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Britain’s unwanted fiscal fix to myFT for later" aria-label="Save Britain’s unwanted fiscal fix to myFT for later" data-alternate-label="Britain’s unwanted fiscal fix is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="0fbc6390-2977-4943-bae9-309db0d3550f" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/0fbc6390-2977-4943-bae9-309db0d3550f" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F5a6fde2b-60e7-4b8a-bdf7-ed41faefc1a8.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Rachel Reeves"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-21T14:23:13.691Z">Friday, 21 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="a97dc91c-d5be-4f4d-b9e9-bf984735421b" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="a97dc91c-d5be-4f4d-b9e9-bf984735421b"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/a97dc91c-d5be-4f4d-b9e9-bf984735421b" data-trackable="heading-link" class="js-teaser-heading-link">The dizzying shifts in the global economic narrative</a></div><p class="o-teaser__standfirst"><a href="/content/a97dc91c-d5be-4f4d-b9e9-bf984735421b" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Investors and policymakers are struggling to keep pace with change</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="a97dc91c-d5be-4f4d-b9e9-bf984735421b" data-myft-ui="saved" action="/myft/save/a97dc91c-d5be-4f4d-b9e9-bf984735421b" data-js-action="/__myft/api/core/saved/content/a97dc91c-d5be-4f4d-b9e9-bf984735421b?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The dizzying shifts in the global economic narrative to myFT for later" aria-label="Save The dizzying shifts in the global economic narrative to myFT for later" data-alternate-label="The dizzying shifts in the global economic narrative is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="a97dc91c-d5be-4f4d-b9e9-bf984735421b" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/a97dc91c-d5be-4f4d-b9e9-bf984735421b" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fc7cfdbd1-68ee-4cdf-9bba-b10e42e6a87c.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Traders work on the floor of the New York Stock Exchange"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-20T17:59:56.547Z">Thursday, 20 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="97cf0ae7-1499-4291-94c1-6b6735961378" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="97cf0ae7-1499-4291-94c1-6b6735961378"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/97cf0ae7-1499-4291-94c1-6b6735961378" data-trackable="heading-link" class="js-teaser-heading-link">The Gaza ceasefire must be restored</a></div><p class="o-teaser__standfirst"><a href="/content/97cf0ae7-1499-4291-94c1-6b6735961378" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Donald Trump is the one world leader with significant leverage over Israel’s premier </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="97cf0ae7-1499-4291-94c1-6b6735961378" data-myft-ui="saved" action="/myft/save/97cf0ae7-1499-4291-94c1-6b6735961378" data-js-action="/__myft/api/core/saved/content/97cf0ae7-1499-4291-94c1-6b6735961378?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The Gaza ceasefire must be restored to myFT for later" aria-label="Save The Gaza ceasefire must be restored to myFT for later" data-alternate-label="The Gaza ceasefire must be restored is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="97cf0ae7-1499-4291-94c1-6b6735961378" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/97cf0ae7-1499-4291-94c1-6b6735961378" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2678%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F2c400da4-b2c2-4bcb-9b8b-fd1c0f114cf3.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="People walk amid the rubble of a building destroyed in an overnight Israeli strike in Jabalia"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-stream-item> <div class="o-ads o-ads advert advert--instream" data-o-ads-targeting="pos=mid1;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-19T18:14:02.441Z">Wednesday, 19 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="ee3d8d91-1573-4236-9f41-749ced732732" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="ee3d8d91-1573-4236-9f41-749ced732732"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/ee3d8d91-1573-4236-9f41-749ced732732" data-trackable="heading-link" class="js-teaser-heading-link">The alarming detention of the Turkish president’s rival</a></div><p class="o-teaser__standfirst"><a href="/content/ee3d8d91-1573-4236-9f41-749ced732732" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Move against Istanbul mayor brings fears of authoritarian slide by Erdoğan </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="ee3d8d91-1573-4236-9f41-749ced732732" data-myft-ui="saved" action="/myft/save/ee3d8d91-1573-4236-9f41-749ced732732" data-js-action="/__myft/api/core/saved/content/ee3d8d91-1573-4236-9f41-749ced732732?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The alarming detention of the Turkish president’s rival to myFT for later" aria-label="Save The alarming detention of the Turkish president’s rival to myFT for later" data-alternate-label="The alarming detention of the Turkish president’s rival is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="ee3d8d91-1573-4236-9f41-749ced732732" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/ee3d8d91-1573-4236-9f41-749ced732732" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F3623be25-79c9-472e-bab2-0112a6be981e.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Supporters of the Mayor of Istanbul demonstrate in front of the Turkish police barricade against his detention over a corruption probe in Istanbul"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-18T17:40:30.229Z">Tuesday, 18 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="a2cbb4e6-c0d8-49ee-84db-a708fdfb7c52" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="a2cbb4e6-c0d8-49ee-84db-a708fdfb7c52"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/a2cbb4e6-c0d8-49ee-84db-a708fdfb7c52" data-trackable="heading-link" class="js-teaser-heading-link">The White House war on federal statistics</a></div><p class="o-teaser__standfirst"><a href="/content/a2cbb4e6-c0d8-49ee-84db-a708fdfb7c52" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Economists and scientists worry over disappearing data and advisory groups</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="a2cbb4e6-c0d8-49ee-84db-a708fdfb7c52" data-myft-ui="saved" action="/myft/save/a2cbb4e6-c0d8-49ee-84db-a708fdfb7c52" data-js-action="/__myft/api/core/saved/content/a2cbb4e6-c0d8-49ee-84db-a708fdfb7c52?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The White House war on federal statistics to myFT for later" aria-label="Save The White House war on federal statistics to myFT for later" data-alternate-label="The White House war on federal statistics is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="a2cbb4e6-c0d8-49ee-84db-a708fdfb7c52" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/a2cbb4e6-c0d8-49ee-84db-a708fdfb7c52" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2731%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F5e77ebaf-6216-411f-b0cf-cd9cf8ac8d88.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Elon Musk and Howard Lutnick"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-17T16:41:51.513Z">Monday, 17 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="62b89c94-e5be-4093-97a5-d934c153662b" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="62b89c94-e5be-4093-97a5-d934c153662b"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/62b89c94-e5be-4093-97a5-d934c153662b" data-trackable="heading-link" class="js-teaser-heading-link">Robots are getting smarter — and that’s a good thing</a></div><p class="o-teaser__standfirst"><a href="/content/62b89c94-e5be-4093-97a5-d934c153662b" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Artificial intelligence boosts automatons’ utility beyond the factory floor</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="62b89c94-e5be-4093-97a5-d934c153662b" data-myft-ui="saved" action="/myft/save/62b89c94-e5be-4093-97a5-d934c153662b" data-js-action="/__myft/api/core/saved/content/62b89c94-e5be-4093-97a5-d934c153662b?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Robots are getting smarter — and that’s a good thing to myFT for later" aria-label="Save Robots are getting smarter — and that’s a good thing to myFT for later" data-alternate-label="Robots are getting smarter — and that’s a good thing is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="62b89c94-e5be-4093-97a5-d934c153662b" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/62b89c94-e5be-4093-97a5-d934c153662b" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2371%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F070ba752-5d6e-48e1-958b-7dc403db72ba.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="robotic hands"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-16T11:00:54.078Z">Sunday, 16 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="dfee86b1-c1f5-4c0c-b8d1-d5f3e065021d" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="dfee86b1-c1f5-4c0c-b8d1-d5f3e065021d"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/dfee86b1-c1f5-4c0c-b8d1-d5f3e065021d" data-trackable="heading-link" class="js-teaser-heading-link">US allies in Asia must also rethink their defence</a></div><p class="o-teaser__standfirst"><a href="/content/dfee86b1-c1f5-4c0c-b8d1-d5f3e065021d" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Trump’s foreign policy shake-up has profound implications for Japan and South Korea</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="dfee86b1-c1f5-4c0c-b8d1-d5f3e065021d" data-myft-ui="saved" action="/myft/save/dfee86b1-c1f5-4c0c-b8d1-d5f3e065021d" data-js-action="/__myft/api/core/saved/content/dfee86b1-c1f5-4c0c-b8d1-d5f3e065021d?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save US allies in Asia must also rethink their defence to myFT for later" aria-label="Save US allies in Asia must also rethink their defence to myFT for later" data-alternate-label="US allies in Asia must also rethink their defence is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="dfee86b1-c1f5-4c0c-b8d1-d5f3e065021d" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/dfee86b1-c1f5-4c0c-b8d1-d5f3e065021d" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2691%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fc36e3b08-8757-48f0-ad13-8ad0008647a4.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Soldiers with the US Army’s Second Infantry Division on an armoured vehicle during a joint exercise with the South Korea Army at Rodriguez complex in Pocheon, South Korea, last month"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-14T16:01:23.559Z">Friday, 14 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="4a09e73d-069f-42c1-bc4c-1d8537c0f00c" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="4a09e73d-069f-42c1-bc4c-1d8537c0f00c"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/4a09e73d-069f-42c1-bc4c-1d8537c0f00c" data-trackable="heading-link" class="js-teaser-heading-link">Trump’s incoherent economic agenda</a></div><p class="o-teaser__standfirst"><a href="/content/4a09e73d-069f-42c1-bc4c-1d8537c0f00c" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The White House’s mishmash of radical policies is sapping confidence in America </a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="4a09e73d-069f-42c1-bc4c-1d8537c0f00c" data-myft-ui="saved" action="/myft/save/4a09e73d-069f-42c1-bc4c-1d8537c0f00c" data-js-action="/__myft/api/core/saved/content/4a09e73d-069f-42c1-bc4c-1d8537c0f00c?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Trump’s incoherent economic agenda to myFT for later" aria-label="Save Trump’s incoherent economic agenda to myFT for later" data-alternate-label="Trump’s incoherent economic agenda is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="4a09e73d-069f-42c1-bc4c-1d8537c0f00c" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/4a09e73d-069f-42c1-bc4c-1d8537c0f00c" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2667%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fa13cdc26-33ae-4105-8936-52167ee67543.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="US Secretary of Treasury Scott Bessent and US President Donald Trump"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-13T18:17:46.739Z">Thursday, 13 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="117ba35d-676d-4050-8af3-7717496031dd" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="117ba35d-676d-4050-8af3-7717496031dd"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/117ba35d-676d-4050-8af3-7717496031dd" data-trackable="heading-link" class="js-teaser-heading-link">Romania’s contentious ban on a far-right candidate</a></div><p class="o-teaser__standfirst"><a href="/content/117ba35d-676d-4050-8af3-7717496031dd" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Authorities should release more evidence of why Călin Georgescu has been blocked</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="117ba35d-676d-4050-8af3-7717496031dd" data-myft-ui="saved" action="/myft/save/117ba35d-676d-4050-8af3-7717496031dd" data-js-action="/__myft/api/core/saved/content/117ba35d-676d-4050-8af3-7717496031dd?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Romania’s contentious ban on a far-right candidate to myFT for later" aria-label="Save Romania’s contentious ban on a far-right candidate to myFT for later" data-alternate-label="Romania’s contentious ban on a far-right candidate is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="117ba35d-676d-4050-8af3-7717496031dd" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/117ba35d-676d-4050-8af3-7717496031dd" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2187%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fc2cafb80-412f-4d4e-bd83-96b7cc3e2f4a.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Calin Georgescu"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-12T18:02:47.321Z">Wednesday, 12 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="5237c62b-05e7-4de3-a555-148d01d0dfb6" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="5237c62b-05e7-4de3-a555-148d01d0dfb6"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/5237c62b-05e7-4de3-a555-148d01d0dfb6" data-trackable="heading-link" class="js-teaser-heading-link">The hope of a ceasefire in Ukraine</a></div><p class="o-teaser__standfirst"><a href="/content/5237c62b-05e7-4de3-a555-148d01d0dfb6" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">Donald Trump must now play hardball with Moscow as he has with Kyiv</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="5237c62b-05e7-4de3-a555-148d01d0dfb6" data-myft-ui="saved" action="/myft/save/5237c62b-05e7-4de3-a555-148d01d0dfb6" data-js-action="/__myft/api/core/saved/content/5237c62b-05e7-4de3-a555-148d01d0dfb6?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save The hope of a ceasefire in Ukraine to myFT for later" aria-label="Save The hope of a ceasefire in Ukraine to myFT for later" data-alternate-label="The hope of a ceasefire in Ukraine is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="5237c62b-05e7-4de3-a555-148d01d0dfb6" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/5237c62b-05e7-4de3-a555-148d01d0dfb6" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2471%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F7379eb1b-0c61-4ca6-82f0-8e9d6dae0197.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="US National Security Advisor Mike Waltz, US Secretary of State Marco Rubio, Ukrainian Head of Presidential Office Andriy Yermak, Ukrainian Foreign Minister Andriy Sybiha, and Ukrainian Minister of Defense Rustem Umerov pose for a photo after meeting in Jeddah, Saudi Arabia"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-11T18:38:03.168Z">Tuesday, 11 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="a057331d-f5b5-48ba-91b7-c553e7510c03" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="a057331d-f5b5-48ba-91b7-c553e7510c03"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/a057331d-f5b5-48ba-91b7-c553e7510c03" data-trackable="heading-link" class="js-teaser-heading-link">Israel’s renewed siege of Gaza</a></div><p class="o-teaser__standfirst"><a href="/content/a057331d-f5b5-48ba-91b7-c553e7510c03" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">The Trump administration should press Netanyahu to allow aid to flow</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="a057331d-f5b5-48ba-91b7-c553e7510c03" data-myft-ui="saved" action="/myft/save/a057331d-f5b5-48ba-91b7-c553e7510c03" data-js-action="/__myft/api/core/saved/content/a057331d-f5b5-48ba-91b7-c553e7510c03?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Israel’s renewed siege of Gaza to myFT for later" aria-label="Save Israel’s renewed siege of Gaza to myFT for later" data-alternate-label="Israel’s renewed siege of Gaza is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="a057331d-f5b5-48ba-91b7-c553e7510c03" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/a057331d-f5b5-48ba-91b7-c553e7510c03" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2445%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fba04b7d8-a333-464e-adcb-ecae3f11ed60.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Displaced Palestinian children push into a queue to get a portion of cooked food from a charity kitchen in Beit Lahia in the northern Gaza Strip"/></div></a></div></div> </div> </div> </li> <li class="o-teaser-collection__item o-grid-row"> <div data-o-grid-colspan="12 L3"> <div class="stream-card__date"> <time data-o-component="o-date" class="o-date" data-o-date-format="date-only" datetime="2025-03-10T18:29:00.562Z">Monday, 10 March, 2025</time> </div> </div> <div data-o-grid-colspan="12 L9"> <div class="stream-item" data-id="5c80c914-3597-42cc-b531-0982696dc69e" data-stream-item> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--has-image o-teaser--opinion js-teaser" data-id="5c80c914-3597-42cc-b531-0982696dc69e"><div class="o-teaser__content"><div class="o-teaser__meta"><a class="o-teaser__tag" data-trackable="teaser-tag" href="/ft-view" aria-label="Category: The editorial board">The editorial board</a></div><div class="o-teaser__heading"><a href="/content/5c80c914-3597-42cc-b531-0982696dc69e" data-trackable="heading-link" class="js-teaser-heading-link">Mark Carney takes on Trump’s America</a></div><p class="o-teaser__standfirst"><a href="/content/5c80c914-3597-42cc-b531-0982696dc69e" data-trackable="standfirst-link" tabindex="-1" class="js-teaser-standfirst-link">New prime minister must still convince Canadians he can deal with the US president</a></p><div class="o-teaser__action"><span> <form class="n-myft-ui n-myft-ui--save" method="GET" data-content-id="5c80c914-3597-42cc-b531-0982696dc69e" data-myft-ui="saved" action="/myft/save/5c80c914-3597-42cc-b531-0982696dc69e" data-js-action="/__myft/api/core/saved/content/5c80c914-3597-42cc-b531-0982696dc69e?method=put" data-myft-ui-save-config=""> <input data-myft-csrf-token value="" type="hidden" name="token"> <div class="n-myft-ui__announcement o-normalise-visually-hidden" aria-live="assertive" data-pressed-text="Article saved in My FT." data-unpressed-text="Removed article from My FT." ></div> <button type="submit" class="n-myft-ui__save-button-with-icon" data-trackable="save-for-later" title="Save Mark Carney takes on Trump’s America to myFT for later" aria-label="Save Mark Carney takes on Trump’s America to myFT for later" data-alternate-label="Mark Carney takes on Trump’s America is Saved to myFT" aria-pressed="false" data-text-variant="save-button-with-icon-copy" data-alternate-text="Saved " data-content-id="5c80c914-3597-42cc-b531-0982696dc69e" > <span class="save-button-with-icon-copy" data-variant-label>Save</span> </button> </form> </span></div></div><div class="o-teaser__image-container js-teaser-image-container"><a href="/content/5c80c914-3597-42cc-b531-0982696dc69e" data-trackable="image-link" tabindex="-1" aria-hidden="true"><div class="o-teaser__image-placeholder" style="padding-bottom:56.2434%;"><img class="o-teaser__image o-lazy-load" data-src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2Fcd13edaa-b3c3-4be8-a080-4ea679e6a6a0.jpg?source=next&fit=scale-down&dpr=2&width=240" alt="Liberal Party of Canada Leader Mark Carney"/></div></a></div></div> </div> </div> </li> </ul> </div> <div data-stream-additions aria-live="polite" aria-relevant="additions" class="stream__a11y o-normalise-visually-hidden"> </div> <div data-pagination role="navigation" aria-label="Pagination" class="stream__pagination o-buttons-pagination"> <a data-pagination-previous data-trackable="previous-page" disabled class="o-buttons o-buttons--secondary o-buttons-icon o-buttons-icon--arrow-left o-buttons-icon--icon-only"> <span class="o-buttons-icon__label">Previous page</span> </a> <span class="stream__pagination-label"> You are on page <strong data-pagination-page>1</strong> </span> <a data-pagination-next data-trackable="next-page" href="?page=2" class="o-buttons o-buttons--secondary o-buttons-icon o-buttons-icon--arrow-right o-buttons-icon--icon-only"> <span class="o-buttons-icon__label">Next page</span> </a> </div> </div> <div class="stream__right-hand " data-o-grid-colspan="12 L4 XL3 XLoffset1" > <div class="o-grid-row"> <div class="js-track-scroll-event"> <div class="o-teaser-collection o-teaser-collection--numbered" data-trackable="most-popular"> <h2 class="o-teaser-collection__heading o-teaser-collection__heading--full-width"> Most Read </h2> <ol class="o-teaser-collection__items"> <li class="o-teaser-collection__item"> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--opinion js-teaser" data-id="ac8ab2d9-7b78-4e9e-ba6c-97477e0c88ba"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/ac8ab2d9-7b78-4e9e-ba6c-97477e0c88ba" data-trackable="heading-link" class="js-teaser-heading-link">A market rout made in the White House</a></div></div></div> </li> <li class="o-teaser-collection__item"> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--opinion js-teaser" data-id="7ec9304f-1c67-4a41-90f6-4496512c236b"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/7ec9304f-1c67-4a41-90f6-4496512c236b" data-trackable="heading-link" class="js-teaser-heading-link">A dark hour for American science</a></div></div></div> </li> <li class="o-teaser-collection__item"> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--opinion js-teaser" data-id="21454c08-8e1c-4335-84f9-ef2d0e1aeb14"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/21454c08-8e1c-4335-84f9-ef2d0e1aeb14" data-trackable="heading-link" class="js-teaser-heading-link">America’s astonishing act of self-harm</a></div></div></div> </li> <li class="o-teaser-collection__item"> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--opinion js-teaser" data-id="451f1f3d-2f09-4714-a43a-608718799455"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/451f1f3d-2f09-4714-a43a-608718799455" data-trackable="heading-link" class="js-teaser-heading-link">Trump’s destruction of global alliances </a></div></div></div> </li> <li class="o-teaser-collection__item"> <div class="o-teaser o-teaser--article o-teaser--small o-teaser--opinion js-teaser" data-id="f2ef0740-6420-400f-8a78-abc02936aaa9"><div class="o-teaser__content"><div class="o-teaser__heading"><a href="/content/f2ef0740-6420-400f-8a78-abc02936aaa9" data-trackable="heading-link" class="js-teaser-heading-link">Faulty data leaves Britain in the dark </a></div></div></div> </li> </ol> </div> </div> <div class="o-ads advert--mid-small-medium" data-o-ads-name="mid-small" data-o-ads-targeting="pos=mid" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="MediumRectangle,Responsive,OneByOne" data-o-ads-formats-medium="false" data-o-ads-formats-large="false" data-o-ads-formats-extra="false" aria-hidden="true"> </div> <div class="o-ads advert--sidebar advert--sidebar-mid " data-o-ads-name="mid-non-responsive-large" data-o-ads-targeting="pos=mid;" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="false" data-o-ads-formats-medium="false" data-o-ads-formats-large="MediumRectangle,HalfPage,OneByOne,Responsive" data-o-ads-formats-extra="MediumRectangle,HalfPage,OneByOne,Responsive" aria-hidden="true"> </div> <div class="o-ads advert--sidebar advert--sidebar-mid1 " data-o-ads-name="mid1-non-responsive-large" data-o-ads-targeting="pos=mid1" data-o-ads-center="true" data-o-ads-label="false" data-o-ads-formats-small="false" data-o-ads-formats-medium="false" data-o-ads-formats-large="MediumRectangle,OneByOne,HalfPage,Responsive" data-o-ads-formats-extra="MediumRectangle,OneByOne,HalfPage,Responsive" aria-hidden="true"> </div> </div> </div> </div> </div> </div></div></div><div class="n-layout__row n-layout__row--footer"><footer id="site-footer" class="o-footer o-footer--theme-dark" data-o-component="o-footer"><div class="o-footer__container"><div class="o-footer__row"><h2 class="o-normalise-visually-hidden">Useful links</h2><nav class="o-footer__matrix" role="navigation" aria-label="Useful links"><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-0">Support</h3><div class="o-footer__matrix-content" id="o-footer-section-0"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="/tour" data-trackable="View Site Tips"><span class="o-footer__matrix-link__copy">View Site Tips</span></a><a class="o-footer__matrix-link" href="https://help.ft.com" data-trackable="Help Centre"><span class="o-footer__matrix-link__copy">Help Centre</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/contact-us" data-trackable="Contact Us"><span class="o-footer__matrix-link__copy">Contact Us</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/aboutus" data-trackable="About Us"><span class="o-footer__matrix-link__copy">About Us</span></a><a class="o-footer__matrix-link" href="/accessibility" data-trackable="Accessibility"><span class="o-footer__matrix-link__copy">Accessibility</span></a><a class="o-footer__matrix-link" href="/tour/myft" data-trackable="myFT Tour"><span class="o-footer__matrix-link__copy">myFT Tour</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/en-gb/careers/" data-trackable="Careers"><span class="o-footer__matrix-link__copy">Careers</span></a><a class="o-footer__matrix-link" href="https://aboutus.ft.com/suppliers" data-trackable="Suppliers"><span class="o-footer__matrix-link__copy">Suppliers</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-1">Legal & Privacy</h3><div class="o-footer__matrix-content" id="o-footer-section-1"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/terms-conditions/" data-trackable="Terms & Conditions"><span class="o-footer__matrix-link__copy">Terms & Conditions</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/privacy/" data-trackable="Privacy Policy"><span class="o-footer__matrix-link__copy">Privacy Policy</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/cookies/" data-trackable="Cookie Policy"><span class="o-footer__matrix-link__copy">Cookie Policy</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/preferences/manage-cookies" data-trackable="Manage Cookies"><span class="o-footer__matrix-link__copy">Manage Cookies</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal-privacy/copyright/copyright-policy/" data-trackable="Copyright"><span class="o-footer__matrix-link__copy">Copyright</span></a><a class="o-footer__matrix-link" href="https://help.ft.com/help/legal/slavery-statement/" data-trackable="Slavery Statement & Policies"><span class="o-footer__matrix-link__copy">Slavery Statement & Policies</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-2">Services</h3><div class="o-footer__matrix-content" id="o-footer-section-2"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="/securedrop" data-trackable="Share News Tips Securely" data-o-tracking-do-not-track="true"><span class="o-footer__matrix-link__copy">Share News Tips Securely</span></a><a class="o-footer__matrix-link" href="https://www.ft.com/products" data-trackable="Individual Subscriptions"><span class="o-footer__matrix-link__copy">Individual Subscriptions</span></a><a class="o-footer__matrix-link" href="https://professional.ft.com/en-gb/services/professional-subscriptions?segmentId=383c7f[…]4-b62d-cb33-4c278e6fdf61&cpccampaign=B2B_link_ft.com_footer" data-trackable="Professional Subscriptions"><span class="o-footer__matrix-link__copy">Professional Subscriptions</span></a><a class="o-footer__matrix-link" href="https://professional.ft.com/en-gb/services/republishing/" data-trackable="Republishing"><span class="o-footer__matrix-link__copy">Republishing</span></a><a class="o-footer__matrix-link" href="https://www.exec-appointments.com/" data-trackable="Executive Job Search"><span class="o-footer__matrix-link__copy">Executive Job Search</span></a><a class="o-footer__matrix-link" href="https://commercial.ft.com/" data-trackable="Advertise with the FT"><span class="o-footer__matrix-link__copy">Advertise with the FT</span></a><a class="o-footer__matrix-link" href="https://twitter.com/ft" data-trackable="Follow the FT on X"><span class="o-footer__matrix-link__copy">Follow the FT on X</span></a><a class="o-footer__matrix-link" href="https://channels.ft.com/" data-trackable="FT Channels"><span class="o-footer__matrix-link__copy">FT Channels</span></a><a class="o-footer__matrix-link" href="https://enterprise.ft.com/en-gb/services/group-subscriptions/secondary-education/" data-trackable="FT Schools"><span class="o-footer__matrix-link__copy">FT Schools</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-3">Tools</h3><div class="o-footer__matrix-content" id="o-footer-section-3"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://markets.ft.com/data/portfolio/dashboard" data-trackable="Portfolio"><span class="o-footer__matrix-link__copy">Portfolio</span></a><a class="o-footer__matrix-link" href="https://applink.ft.com/A6lV/2khsqyrh" data-trackable="FT App"><span class="o-footer__matrix-link__copy">FT App</span></a><a class="o-footer__matrix-link" href="https://digitaleditionapp.ft.com/i9DX/259czdht" data-trackable="FT Digital Edition"><span class="o-footer__matrix-link__copy">FT Digital Edition</span></a><a class="o-footer__matrix-link" href="https://ftedit.ft.com/Ju3k/pqkac2ds" data-trackable="FT Edit"><span class="o-footer__matrix-link__copy">FT Edit</span></a><a class="o-footer__matrix-link" href="https://markets.ft.com/data/alerts/" data-trackable="Alerts Hub"><span class="o-footer__matrix-link__copy">Alerts Hub</span></a><a class="o-footer__matrix-link" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings"><span class="o-footer__matrix-link__copy">Business School Rankings</span></a><a class="o-footer__matrix-link" href="https://subscription-manager.ft.com/" data-trackable="Subscription Manager"><span class="o-footer__matrix-link__copy">Subscription Manager</span></a><a class="o-footer__matrix-link" href="/news-feed" data-trackable="News feed"><span class="o-footer__matrix-link__copy">News feed</span></a><a class="o-footer__matrix-link" href="/newsletters" data-trackable="Newsletters"><span class="o-footer__matrix-link__copy">Newsletters</span></a><a class="o-footer__matrix-link" href="https://markets.ft.com/data/currencies" data-trackable="Currency Converter"><span class="o-footer__matrix-link__copy">Currency Converter</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title" aria-controls="o-footer-section-4">Community & Events</h3><div class="o-footer__matrix-content" id="o-footer-section-4"><div class="o-footer__matrix-column"><a class="o-footer__matrix-link" href="https://events.ft.com/events-list" data-trackable="FT Live Events"><span class="o-footer__matrix-link__copy">FT Live Events</span></a><a class="o-footer__matrix-link" href="https://forums.ft.com/" data-trackable="FT Forums"><span class="o-footer__matrix-link__copy">FT Forums</span></a><a class="o-footer__matrix-link" href="https://bdp.ft.com/" data-trackable="Board Director Programme"><span class="o-footer__matrix-link__copy">Board Director Programme</span></a></div></div></div><div class="o-footer__matrix-group o-footer__matrix-group--1"><h3 class="o-footer__matrix-title o-footer__matrix-title--link"><a class="o-footer__matrix-link o-footer__matrix-link--more" id="o-footer-5" href="https://ft.com/more-from-ft-group"><span class="o-footer__matrix-link__copy">More from the FT Group</span></a></h3></div></nav></div><div class="o-footer__copyright"><small>Markets data delayed by at least 15 minutes. © THE FINANCIAL TIMES LTD 2025. <abbr title="Financial Times" aria-label="F T">FT</abbr> and ‘Financial Times’ are trademarks of The Financial Times Ltd.<br/>The Financial Times and its journalism are subject to a self-regulation regime under the <a href="https://aboutus.ft.com/en-gb/ft-editorial-code/" aria-label="F T Editorial Code of Practice">FT Editorial Code of Practice</a>.</small></div></div><div class="o-footer__brand"><div class="o-footer__container"><div class="o-footer__brand-logo"></div></div></div></footer><div class="n-layout__footer-after"><script data-pixel-src="https://spoor-api.ft.com/px.gif?data=%7B%22category%22%3A%22page%22%2C%22action%22%3A%22view%22%2C%22system%22%3A%7B%22source%22%3A%22non-ctm%22%7D%2C%22context%22%3A%7B%22name%22%3A%22stream-page%22%2C%22product%22%3A%22next%22%2C%22data%22%3A%7B%22source%22%3A%22%5BSOURCE%5D%22%7D%7D%7D">(function coreExperience() { if (/\bcore\b/.test(document.documentElement.className)) { // eslint-disable-next-line no-var var currentScript = document.scripts[document.scripts.length - 1]; // eslint-disable-next-line no-var var img = new Image(); img.alt = ''; img.src = currentScript.getAttribute('data-pixel-src'); } })();</script><noscript><img src="https://spoor-api.ft.com/px.gif?data=%7B%22category%22%3A%22page%22%2C%22action%22%3A%22view%22%2C%22system%22%3A%7B%22source%22%3A%22non-ctm%22%7D%2C%22context%22%3A%7B%22name%22%3A%22stream-page%22%2C%22product%22%3A%22next%22%2C%22data%22%3A%7B%22source%22%3A%22%5BSOURCE%5D%22%7D%7D%7D" alt=""/></noscript></div></div><div class="o-header__drawer" id="o-header-drawer" role="modal" aria-label="Drawer menu" aria-modal="true" data-o-header-drawer="true" data-o-header-drawer--no-js="true" data-trackable="drawer" data-trackable-terminate="true"><div class="o-header__drawer-inner"><div class="o-header__drawer-tools"><button type="button" class="o-header__drawer-tools-close" title="Close side navigation menu" aria-controls="o-header-drawer" data-trackable="close"><span class="o-header__visually-hidden">Close side navigation menu</span></button><nav class="o-header__drawer-menu o-header__drawer-edition-switcher" aria-label="Edition switcher"><span class="o-header__drawer-menu-item">Edition:</span><span class="o-header__drawer-menu-item o-header__drawer-current-edition">International</span><div class="o-header__drawer-divider"></div><a class="o-header__drawer-menu-link" href="/?edition=uk">UK</a></nav></div><div class="o-header__drawer-search"><form class="o-header__drawer-search-form" action="/search" role="search" aria-label="Site search" data-n-topic-search="true"><label for="o-header-drawer-search-term" class="o-forms-field o-forms-field--optional"><span class="o-forms-title o-header__visually-hidden"><span class="o-forms-title__main">Search the <abbr title="Financial Times">FT</abbr></span></span><span class="o-forms-input o-forms-input--text o-forms-input--suffix"><input type="search" id="o-header-drawer-search-term" name="q" autoComplete="off" autoCorrect="off" autoCapitalize="off" spellcheck="false" data-trackable="search-term" data-n-topic-search-input="true" placeholder="Search for stories, topics or securities" role="combobox" aria-controls="suggestions-o-header-drawer-search-term" data-n-topic-search-drawer="true"/><button class="o-header__drawer-search-submit" type="submit" data-trackable="search-submit"><span class="o-header__visually-hidden">Search</span></button></span></label></form></div><div class="o-header__drawer-actions"><a class="o-header__drawer-button" role="button" href="/products?segmentId=4526c036-7527-ab37-9a29-0b0403fa0b5f" data-trackable="subscribe-button">Subscribe for full access</a></div><nav class="o-header__drawer-menu o-header__drawer-menu--primary"><h2 id="top-sections" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">Top sections</h2><ul aria-labelledby="top-sections" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/" data-trackable="Home">Home</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/world" data-trackable="World">World</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-1" data-trackable="sub-level-toggle | World">Show more World</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-1" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/middle-east-war" data-trackable="Middle East war">Middle East war</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/global-economy" data-trackable="Global Economy">Global Economy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/world-uk" data-trackable="UK">UK</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us" data-trackable="US">US</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/china" data-trackable="China">China</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/africa" data-trackable="Africa">Africa</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/asia-pacific" data-trackable="Asia Pacific">Asia Pacific</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/emerging-markets" data-trackable="Emerging Markets">Emerging Markets</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/europe" data-trackable="Europe">Europe</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/war-in-ukraine" data-trackable="War in Ukraine">War in Ukraine</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/americas" data-trackable="Americas">Americas</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/middle-east-north-africa" data-trackable="Middle East & North Africa">Middle East & North Africa</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/us" data-trackable="US">US</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-2" data-trackable="sub-level-toggle | US">Show more US</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-2" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-economy" data-trackable="US Economy">US Economy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-companies" data-trackable="US Companies">US Companies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/us-politics-policy" data-trackable="US Politics & Policy">US Politics & Policy</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/companies" data-trackable="Companies">Companies</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-3" data-trackable="sub-level-toggle | Companies">Show more Companies</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-3" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/energy" data-trackable="Energy">Energy</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/financials" data-trackable="Financials">Financials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/health" data-trackable="Health">Health</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/industrials" data-trackable="Industrials">Industrials</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/media" data-trackable="Media">Media</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/professional-services" data-trackable="Professional Services">Professional Services</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/retail-consumer" data-trackable="Retail & Consumer">Retail & Consumer</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/technology-sector" data-trackable="Tech Sector">Tech Sector</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/telecoms" data-trackable="Telecoms">Telecoms</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/transport" data-trackable="Transport">Transport</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/technology" data-trackable="Tech">Tech</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-4" data-trackable="sub-level-toggle | Tech">Show more Tech</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-4" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/artificial-intelligence" data-trackable="Artificial intelligence">Artificial intelligence</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/semiconductors" data-trackable="Semiconductors">Semiconductors</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/cyber-security" data-trackable="Cyber Security">Cyber Security</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/social-media" data-trackable="Social Media">Social Media</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/markets" data-trackable="Markets">Markets</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-5" data-trackable="sub-level-toggle | Markets">Show more Markets</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-5" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://markets.ft.com/data" data-trackable="Markets Data">Markets Data</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/crypto" data-trackable="Crypto">Crypto</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/capital-markets" data-trackable="Capital Markets">Capital Markets</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/commodities" data-trackable="Commodities">Commodities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/currencies" data-trackable="Currencies">Currencies</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/equities" data-trackable="Equities">Equities</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://professional-monetary-policy-radar.ft.com/" data-trackable="Monetary Policy Radar">Monetary Policy Radar</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-wealth-management" data-trackable="Wealth Management">Wealth Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/etf-hub" data-trackable="ETF Hub">ETF Hub</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/fund-management" data-trackable="Fund Management">Fund Management</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/ft-trading-room" data-trackable="Trading">Trading</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/climate-capital" data-trackable="Climate">Climate</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/opinion" data-trackable="Opinion">Opinion</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-7" data-trackable="sub-level-toggle | Opinion">Show more Opinion</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-7" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/columnists" data-trackable="Columnists">Columnists</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--selected o-header__drawer-menu-link--child" href="/ft-view" data-trackable="The FT View" aria-label="The FT View, current page" aria-current="page">The FT View</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/the-big-read" data-trackable="The Big Read">The Big Read</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/obituaries" data-trackable="Obituaries">Obituaries</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/letters" data-trackable="Letters">Letters</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lex" data-trackable="Lex">Lex</a></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/work-careers" data-trackable="Work & Careers">Work & Careers</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-9" data-trackable="sub-level-toggle | Work & Careers">Show more Work & Careers</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-9" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/business-education" data-trackable="Business School Rankings">Business School Rankings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-education" data-trackable="Business Education">Business Education</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="https://rankings.ft.com/incubator-accelerator-programmes-europe" data-trackable="Europe's Start-Up Hubs">Europe's Start-Up Hubs</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/entrepreneurship" data-trackable="Entrepreneurship">Entrepreneurship</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/recruitment" data-trackable="Recruitment">Recruitment</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-books" data-trackable="Business Books">Business Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/business-travel" data-trackable="Business Travel">Business Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/working-it" data-trackable="Working It">Working It</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/life-arts" data-trackable="Life & Arts">Life & Arts</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-10" data-trackable="sub-level-toggle | Life & Arts">Show more Life & Arts</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-10" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/arts" data-trackable="Arts">Arts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/books" data-trackable="Books">Books</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/food-drink" data-trackable="Food & Drink">Food & Drink</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/magazine" data-trackable="FT Magazine">FT Magazine</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/house-home" data-trackable="House & Home">House & Home</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/style" data-trackable="Style">Style</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/puzzles-games" data-trackable="Puzzles">Puzzles</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/travel" data-trackable="Travel">Travel</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li></ul></li><li class="o-header__drawer-menu-item"><div class="o-header__drawer-menu-toggle-wrapper"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--parent" href="/personal-finance" data-trackable="Personal Finance">Personal Finance</a><button class="o-header__drawer-menu-toggle o-header__drawer-menu-toggle--unselected" aria-controls="o-header-drawer-child-11" data-trackable="sub-level-toggle | Personal Finance">Show more Personal Finance</button></div><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--child" id="o-header-drawer-child-11" data-trackable="sub-level"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/mortgages" data-trackable="Property & Mortgages">Property & Mortgages</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/investments" data-trackable="Investments">Investments</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/pensions" data-trackable="Pensions">Pensions</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/tax" data-trackable="Tax">Tax</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/banking-savings" data-trackable="Banking & Savings">Banking & Savings</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--child" href="/advice-comment" data-trackable="Advice & Comment">Advice & Comment</a></li></ul></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/htsi" data-trackable="HTSI">HTSI</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/special-reports" data-trackable="Special Reports">Special Reports</a></li></ul><h2 id="ft-recommends" class="o-header__drawer-menu-item o-header__drawer-menu-item--heading">FT recommends</h2><ul aria-labelledby="ft-recommends" class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/alphaville" data-trackable="Alphaville">Alphaville</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-edit" data-trackable="FT Edit">FT Edit</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/lunch-with-the-ft" data-trackable="Lunch with the FT">Lunch with the FT</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/globetrotter" data-trackable="FT Globetrotter">FT Globetrotter</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://www.ft.com/tech-asia" data-trackable="#techAsia">#techAsia</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/moral-money" data-trackable="Moral Money">Moral Money</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/visual-and-data-journalism" data-trackable="Visual and data journalism">Visual and data journalism</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/newsletters" data-trackable="Newsletters">Newsletters</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/video" data-trackable="Video">Video</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://www.ft.com/podcasts" data-trackable="Podcasts">Podcasts</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/news-feed" data-trackable="News feed">News feed</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="/ft-schools" data-trackable="FT Schools">FT Schools</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://events.ft.com/events-list" data-trackable="FT Live Events">FT Live Events</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://forums.ft.com/" data-trackable="FT Forums">FT Forums</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected" href="https://bdp.ft.com/" data-trackable="Board Director Programme">Board Director Programme</a></li></ul><ul class="o-header__drawer-menu-list o-header__drawer-menu-list--divide"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="/myft" data-trackable="myFT">myFT</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://markets.ft.com/data/portfolio/dashboard" data-trackable="Portfolio">Portfolio</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://digitaleditionapp.ft.com/i9DX/259czdht" data-trackable="FT Digital Edition">FT Digital Edition</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://www.ft.com/crossword" data-trackable="Crossword">Crossword</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link o-header__drawer-menu-link--unselected o-header__drawer-menu-link--secondary" href="https://www.ft.com/tour/apps" data-trackable="Our Apps">Our Apps</a></li></ul></nav><nav class="o-header__drawer-menu o-header__drawer-menu--user" data-trackable="user-nav"><ul class="o-header__drawer-menu-list"><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="https://help.ft.com" data-trackable="Help Centre">Help Centre</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="/products?segmentId=d290332b-e8e8-d29b-2ff4-2019b13f008a" data-trackable="Subscribe">Subscribe</a></li><li class="o-header__drawer-menu-item"><a class="o-header__drawer-menu-link" href="/login?location=/ft-view" data-trackable="Sign In">Sign In</a></li></ul></nav></div></div></div><script type="application/json" id="page-kit-app-context">{"appName":"stream-page","product":"next","edition":"international","appVersion":"de5ce6c1dd944a266c31c02e07cf3b3ce9646f7c","abTestState":"messageSlotBottom:cookieConsentC,articlecommunitypromoevent:variant2,appleSignUpForBuyFlowTest:variant,adsmvt2:variant-1","isProduction":true,"isUserLoggedIn":false,"pageKitVersion":"11.0.5","conceptId":"0dd94bc1-6873-44d5-9ca4-7d4be69acb3c","conceptType":"http://www.ft.com/ontology/product/Brand"}</script><script type="application/json" id="page-kit-flags-embed">{"articleRelatedContent":true,"ads":true,"javascript":true,"oTracking":true,"articleComments":true,"myFtApi":true,"articleShareButtons":true,"myFtApiWrite":true,"adTargetingUserApi":true,"videoPlayerAdvertising":true,"streamMostRead":true,"openGraph":true,"nativeAds":true,"syndication":true,"myFTEmailDisableABAlloc":true,"newsletterSignupOnArticle":true,"myFTInstantNotifications":true,"myftPrioritiseTopics":true,"showEventPromo":true,"myftConsentSwitch":true,"manageCookiesWhiteLabel":true,"AdsPermutive":true,"syndication_promo":true,"messageSlotBottom":"cookieConsentC","enableGTM":true,"myftPageAppNotificationsToggle":true,"realUserMonitoringForPerformance":true,"textCopyTracking":true,"enableBrandmetricsSurveyScript":true,"managePremiumCancellationJourney":true,"articleInstantAlertsPromo":true,"manageStepUpCancellationJourney":true,"manageStandardCancellationJourney":true,"manageStepUpTransitionJourney":true,"manageDirectCancellationJourney":true,"privShowCCPALinkOnFooter":true,"optimizely":true,"graphicSyndication":true,"adsNativeLazyload":true,"enableRavelinOnProd":true,"enableMarketingAnalyticsTags":true,"streamPageGraphicsList":true,"useFlourish":true,"adsHighImpact":true,"monthlyTermForPremiumCovidCohort":true,"enableNonUKDeliveryAddress":true,"homePageHeaderMarketsData":true,"enableGoogleExtendedMeter":true,"inArticleContentSignUp":true,"frontPageCommunitySection":true,"newBuyFlow":true,"bizzaboRegistrationEnabled":true,"enableSingleTermSubscriptions":true,"newsletterAutoEnrolment":true,"eventsInMyFtPage":true,"eventsInDigestEmails":true,"eventsInStreamPage":true,"ftGlobetrotterBanner":true,"scrollytellingImages":true,"emailVerificationOnSignupForms":true,"AdsExtraMobileSlot":true,"dotcomPages":true,"fomoPage":true,"exponeaOnsiteMessaging":true,"homepageInteractivesEmbeds":true,"bankTransferFeature":true,"articlecommunitypromoevent":"variant2","purgeableLongTailArticleCaching":true,"myAccountLanding":true,"chatterboxChat":true,"liveChat":true,"AdsCompaniesTypeaheadDemo":true,"reverseCancellation":true,"adsPGHomePage":true,"saveMeDisplayEdit":true,"adsCommentsRHR":true,"adsPGSearchPage":true,"stripeForIndia":true,"showNoOffersPageInRetention":true,"adsDisableInternalCMP":true,"myFTInstantAlertsOnboarding":true,"proCentralBanking":true,"magnetOnArticle":true,"myftFollowButton":true,"customCodeComponent":true,"extensibleFrontends":true,"adsAppDisableInternalCMP":true,"experimentalAccountEntryTest":true,"enableSubX":true,"homepageClips":true,"enableAppleSignUpForRegFlow":true,"enableAppleSignUpForBuyFlow":true,"workspaceTeaserContextMenu":true,"appleSignUpForBuyFlowTest":"variant","personalFinanceCourseOfferSubscriberRenewalJourney":true,"enableCorporateBarrier":true,"onboardingCsatSurveyEnabled":true,"adsInsertTexasDNSLink":true,"pro-signup-welcome-page-v2-enabled":true,"inArticleContentSignUpUSElectionNewsletter":true,"enableFTEditRegisterFlow":true,"backToTopButton":true,"amplitudeExperiment":true,"pro-signup-onboarding-enabled":true,"useFlourishIFrame":true,"commentsOnlySubscriber":true,"pro-workspace-recommendation-cards-enabled":true,"articleToolsBox":true,"accountSettingsBillingDetailsPaypal":true,"adsVideoPageConsent":true,"clipsEnhancedPlayer":true,"adsEnableMiniBillboard":true,"ads-refresh-pc":true,"enableProfessionalSubscriptionCheck":true,"ads-validate-traffic-ias":true,"adsEnableMiniBillboardWeb":true,"professional-newsletter-autoenrol-ab":true,"adsArticlePcStyling":true,"mprHomePageSlice":true,"liveChatProjectFelix":true,"ads-first-party-gtm":true,"liveBlogPagination":true,"enableWhiteHouseWatchNewsletterSignup":true,"articleBulletPointSummary":true,"adsEnableGpp":true,"adsValidateTraffic":true,"enableZephr":true,"enableOneMustReadNewsletterSignup":true,"enableSubscriptionTask":true,"articleDiscussionQuestion":true,"cpClientMetrics":true,"adsmvt2":"variant-1"}</script></body></html>